Here is an overview of The Money Charity’s latest statistics for February 2019:
Personal debt in the UK
- People in the UK owed £1.625 trillion at the end of December 2018. This is up from £1.576 trillion at the end of December 2017, an extra £935.34 per UK adult, £81.72 higher than the previous month.
- The average total debt per household, including mortgages, was £59,261 in December. The revised figure for November was £59,105.
- Per adult in the UK that’s an average debt of £30,995 in December, around 112.8% of average earnings. This is up from a revised £30,914 a month earlier.
Spending and Loans
- In the year to November 2018, consumer credit increased by 7.1% according to UK Finance, while outstanding levels of credit card borrowing grew by 7.9%, slightly down on the rate of growth in early 2018.
- In Q3 2018, households in the UK spent £108.8 million a day on water, electricity and gas, or £3.97 per household per day. On a seasonally adjusted basis, this was similar to Q2 2018.
- The average interest rate on credit card lending bearing interest was 18.66% in December 2018. This is 17.91% above the Bank of England Base Rate of 0.75%.
Mortgages, Rent and Housing
- Outstanding mortgage lending stood a £1,409 trillion at the end of December 2018. This is up from £1.369 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 10.9 million households with mortgage debt was £128,823 in December.
- The average mortgage interest rate was 2.48% at the end of December. Based on this, households with mortgages would pay an average of £3,195 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.15%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,133 in interest over the year.
- According to UK Finance, gross mortgage lending in December 2018 totalled an estimated £21.1 billion, up 4.7% on December 2017.