Here is an overview of The Money Charity’s latest statistics for January 2019:
Personal debt in the UK
- People in the UK owed £1.613 trillion at the end of November 2018. This is up from £1.569 trillion at the end of November 2017, an extra £898.71 per UK adult and £78.15 higher than the previous month.
- The average total debt per household, including mortgages, was £58,948 in November. The revised figure for October was £58,799.
- Per adult in the UK that’s an average debt of £30,832 in November, around 112% of average earnings. This is up from a revised £30,754 a month earlier.
Spending and Loans
- In the year to October 2018, consumer credit increased by 7.5% according to UK Finance, while outstanding levels of credit card borrowing grew by 8.6%, a rate that has been fairly constant over the last year.
- 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 18.69% in November 2018. This is 17.94% above the Bank of England Base Rate of 0.75%.
Mortgages, Rent and Housing
- Outstanding mortgage lending stood at £1.401 trillion at the end of November 2018. This is up from £1.363 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 10.9 million households with mortgage debt was £128,062 in November.
- The average mortgage interest rate was 2.5% at the end of November. Based on this, households with mortgages would pay an average of £3,202 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 £3,021 in interest over the year.
- According to UK Finance, gross mortgage lending in November 2018 totalled an estimated £23.1 billion, down 2.0% on November 2017.