Here is an overview of The Money Charity’s latest statistics for March 2019:
Personal debt in the UK
- People in the UK owed £1.629 trillion at the end of January 2019. This is up from £1.579 trillion at the end of January 2018, an extra £952.50 per UK adult over the year.
- The average total debt per household, including mortgages, was £59,409.
- Per adult in the UK that’s an average debt of £31,073, around 112.4% of average earnings. This is up from a revised £30,992 a month earlier.
Spending and Loans
- In the year to December 2018, consumer credit increased by 6.6% according to UK Finance, while outstanding levels of credit card borrowing grew by 7.1%, 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 18.67% in January 2019. This is 17.92% above the Bank of England Base Rate of 0.75%.
Mortgages, Rent and Housing
- Outstanding mortgage lending stood at £1.413 trillion at the end of January 2019. This is up from £1.371 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 10.9 million households with mortgage debt was £129,126 in January 2019.
- The average mortgage interest rate was 2.48% at the end of January. Based on this, households with mortgages would pay an average of £3202 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.11%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,007 in interest over the year.
- According to UK Finance, gross mortgage lending in January 2019 totalled an estimated £21.6 billion, down 0.3% on December 2018.