Here is an overview of The Money Charity’s latest statistics for October 2019:

Personal debt in the UK

  • People in the UK owed £1,650 billion at the end of August 2019. This is up from £1,604 billion at the end of August 2018, an extra £876 per UK adult over the year.
  • The average total debt per household, including mortgages, was £59,441.
  • Per adult in the UK that’s an average debt of £31,284, around 110.7% of average earnings. This is up from a revised £31,218 a month earlier.

Spending and Loans

  • In the year to August 2019, consumer credit increased by 2.1% according to the Bank of England, while outstanding levels of credit card borrowing grew by 0.3%, a rate of growth which is significantly lower than in 2018.
  • In Q2 2019, households in the UK spent £115.96 million a day on water, electricity and gas, or £4.18 per household per day. On a seasonally adjusted basis, this was 5.0% more than the revised figure for Q1 2019.
  • The average interest rate on credit card lending bearing interest was 20.01% in September 2019. This is 19.26% above the Bank of England Base Rate of 0.75%.

Mortgages, Rent and Housing

  • Outstanding mortgage lending stood at £1.431 trillion at the end of August 2019. This is up from £1.390 trillion a year earlier.
  • That means that the estimated average outstanding mortgage for the 10.95 million households with mortgage debt was £130,722 in August 2019.
  • The average mortgage interest rate was 2.42% at the end of August. Based on this, households with mortgages would pay an average of £3,163 in mortgage interest over the year.
  • For new loans, the average mortgage interest rate was 2.06%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,612 in interest over the year.
  • According to UK Finance, gross mortgage lending in August 2019 totalled an estimated £24.0 billion, 3.2% down on August 2018.

Financial Inclusion

  • According to the FCA, in the UK in 2017 there were 1.3 million people who did not have a bank account.
  • According to ONS, there were 11,065 bank and building society branches in the UK in 2018. This was a reduction of 2,280 branches(17%) since 2012.
  • According to the 2019 Access to Cash Review, 2.2 million people use only cash in their daily transactions.

The full report can be found here.