Here is an overview of The Money Charity’s latest statistics for April 2019:
Personal debt in the UK
- People in the UK owed £1.633 trillion at the end of February 2019. This is up from £1.584 trillion at the end of February 2018, an extra £942.39 per UK adult over the year.
- The average total debt per household, including mortgages, was £59,552.
- Per adult in the UK that’s an average debt of £31,148, around 112.9% of average earnings. This is up from a revised £31,070 a month earlier.
Spending and Loans
- In the year to January 2019, consumer credit increased by 6.5% according to UK Finance, while outstanding levels of credit card borrowing grew by 6.7%, significantly down on the rate of growth in early 2018.
- In Q4 2018, households in the UK spent £111.08 million a day on water, electricity and gas, or £4.05 per household per day. On a seasonally adjusted basis, this was 2.1% more than in Q3 2018.
- The average interest rate on credit card lending bearing interest was 19.81% in March 2019. This is 19.06% above the Bank of England Base Rate of 0.75%.
Mortgages, Rent and Housing
- Outstanding mortgage lending stood at £1.417 trillion at the end of February 2019. This is up from £1.374 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 10.9 million households with mortgage debt was £129,490 in February 2019.
- The average mortgage interest rate was 2.46% at the end of February. Based on this, households with mortgages would pay an average of £3,185 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.1%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,434 in interest over the year.
- According to UK Finance, gross mortgage lending in February 2019 totalled an estimated £19.1 billion, down 2.5% on February 2019.