Here is an overview of The Money Charity’s latest statistics for November 2017:
Personal debt in the UK
- People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult.
- Per adult in the UK that’s an average debt of £30,096 in September – around 113.8% of average earnings. This is slightly up from a revised £30,012 a month earlier.
- Outstanding consumer credit lending was £204.232 billion at the end of September 2017.
- Citizens Advice Bureaux across England and Wales dealt with 460,048 issues in September 2017.
- Debt was the second largest advice category (behind benefits and tax credits) with 118,658 issues. This is down 6% on the same month last year. Debt issues represented 26% of all problems dealt with over the period.
Spending and Loans
- Data from LINK shows that, on average, 98 cash machine transactions (including balance enquiries and rejected transactions) were made every second in September 2017
- The average APR for a £5,000 personal loan is 8.2%, according to the Bank of England. For a £10,000 loan it’s 3.74%, while the average rate for an overdraft is 19.72%
- British Bankers Association figures show that 55.% of credit card balances were bearing interest in Q2 2017\
Mortgages rent and housing
- The average mortgage interest rate was 2.52% at the end of September. Based on this, households with mortgages would pay an average of £3,073in mortgage interest over the year.
- Halifax estimate that house prices rose by 0.3% during October 2017, up 4.5% on 12 months ago.
- According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in August was 17.5% (around £29,241) – 111% of an average salary.