Here is an overview of The Money Charity’s latest statistics for May 2019:
Personal debt in the UK
- People in the UK owed £1,633 billion at the end of March 2019. This is up from £1,588 billion at the end of March 2018, an extra £852.40 per UK adult over the year.
- The average total debt per household, including mortgages, was £59,540.
- Per adult in the UK that’s an average debt of £31,142, around 113.9% of average earnings. This is up from a revised £31,055 a month earlier.
Spending and Loans
- In the year to February 2019, consumer credit increased by 6.3% according to UK Finance, while outstanding levels of credit card borrowing grew by 6.5%, 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 19.87% in April 2019. This is 19.12% above the Bank of England Base Rate of 0.75%.
Mortgages, Rent and Housing
- Outstanding mortgage lending stood at £1.416 trillion at the end of March 2019. This is up from £1.378 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 10.9 million households with mortgage debt was £129,420 in March 2019.
- The average mortgage interest rate was 2.45% at the end of March. Based on this, households with mortgages would pay an average of £3,171 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.13%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,486 in interest over the year.
- According to UK Finance, gross mortgage lending in March 2019 totalled an estimated £20 billion, down 0.5% on March 2019./ul>