Credit Action Debt Statistics July 2013

July 30, 2013

JULY 2013

UK Personal Debt Statistics from CreditAction

http://www.creditaction.org.uk/

  • Outstanding personal debt stood at £1.424 trillion at the end of May 2013.
  • This is up from £1.410 trillion at the end of May 2012. At the end of May 2013, individuals owed nearly as much as the entire country produced during the whole of 2012.
  • Outstanding secured (mortgage) lending stood at £1.266 trillion at the end of May 2013. This is up from £1.252 trillion at the end of May 2012.
  • Outstanding unsecured (consumer credit) lending stood at £157.6 billion at the end of May 2013. This is down from £158.0 billion at the end of May 2012.
  • Average household debt in the UK (excluding mortgages) was £5,978 in May. This is up from a revised £5,966 in April.
  • Average household debt in the UK (including mortgages) was £54,024 in May. This is up from a revised £54,002 in April.
  • The average amount owed per UK adult (including mortgages) was £28,985 in May. This is up from a revised £28,973 in April and was around 115% of average earnings.
  • Average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £3,208 in May. This is up from a revised £3,201 in April.
  • The estimated average outstanding mortgage for the 11.3m households that carry mortgage debt stood at £112,464 in May.
  • Based on May 2013 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £59.8 billion. This is equivalent to £164 million per day. This means that UK households would have paid an average of £2,270 in annual interest repayments.
  • The Office for Budget Responsibility (OBR) predicted in March 2013 that total household debt will reach £1.931 trillion in Q1 2018. This would mean that average household debt would reach £73,284 (assuming that the number of households in the UK remained the same between now and Q1 2018).
  • Total net lending to individuals by UK Banks and Building Societies rose by £1.0 billion in May 2013. Net secured lending rose by £0.3 billion in the month; net consumer credit lending rose by £0.7 billion.
  • UK Banks and Building Societies wrote-off £4.1 billion of loans to individuals over the four quarters to Q1 2013. In Q1 2013 itself they wrote-off £932 million (of which £385 million was credit card debt) amounting to a daily write-off of £10.21m.

Every Day in the UK

  • 274 people are declared insolvent or bankrupt every day (based on Q1 2013 trends). This is equivalent to one person every 5 minutes 15 seconds.
  • 1,373 Consumer County Court Judgements (CCJs) are issued every day (based on Q1 2013 trends). The average value of a Consumer CCJ in Q1 2013 was £2,442.
  • Citizens Advice Bureaux in England and Wales dealt with 7,824 new debt problems every working day during the year ending March 2013.
  • It costs an average of £29.02 per day to raise a child from birth to the age of 21.
  • 88 properties are repossessed every day (based on Q1 2013 trends).
  • An additional 44 people a day became unemployed for over 12 months during the year ending April 2013.
  • 1,545 people a day reported they had become redundant between February and April 2013.
  • Public Sector Net Borrowing (excluding financial interventions) was £8.8bn in May 2013, meaning that the Government borrowed an average of £284m per day during the month (equivalent to £3,286 per second).
  • 158 mortgage possession claims are issued and 112 mortgage possession orders are made every day.
  • 466 landlord possession claims are issued and 312 landlord possession orders are made every day.
  • The UK population grew by 1,123 people a day between 2001 and 2011.
  • 29.4m plastic card purchase transactions were made every day in April 2013 with a total value of £1.455 billion.
  • 8.99m cash machine transactions were made every day in May with a total value of £360m.
  • A new car in the £13,000 – £18,000 price bracket travelling 10,000 miles per year costs £16.23 per day to run.
  • It cost £67.30 to fill a 50 litre tank with unleaded petrol in June.