Here is an overview of The Money Charity’s latest statistics for July 2019:
Personal debt in the UK
- People in the UK owed £1,640 billion at the end of May 2019. This is up from £1,592 billion at the end of May 2018, an extra £922 per UK adult over the year.
- The average total debt per household, including mortgages, was £59,708.
- Per adult in the UK that’s an average debt of £31,099, around 111.3% of average earnings. This is up from a revised £31,034 a month earlier.
Spending and Loans
- In the year to May 2019, consumer credit increased by 2.6% according to the Bank of England, while outstanding levels of credit card borrowing grew by 1.8%, significantly down on the rate of growth in early 2018.
- In Q1 2019, households in the UK spent £111.27 million a day on water, electricity and gas, or £4.05 per household per day. On a seasonally adjusted basis, this was the same as in Q4 2018.
- The average interest rate on credit card lending bearing interest was 19.99% in June 2019. This is 19.24% above the Bank of England Base Rate of 0.75%.
Mortgages, Rent and Housing
- Outstanding mortgage lending stood at £1.423 trillion at the end of May 2019. This is up from £1.380 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 10.9 million households with mortgage debt was £130,068 in May 2019.
- The average mortgage interest rate was 2.43% at the end of May. Based on this, households with mortgages would pay an average of £3,161 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.09%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,490 in interest over the year.
- According to UK Finance, gross mortgage lending in May 2019 totalled an estimated £21.9 billion, down 0.4% on May 2018.