Here is an overview of The Money Charity’s latest statistics for September 2019:
Personal debt in the UK
- People in the UK owed £1,647 billion at the end of July 2019. This is up from £1,600 billion at the end of July 2018, an extra £888 per UK adult over the year.
- The average total debt per household, including mortgages, was £59,319.
- Per adult in the UK that’s an average debt of £31,220, around 110.5% of average earnings. This is up from a revised £31,145 a month earlier.
Spending and Loans
- In the year to July 2019, consumer credit increased by 2.2% according to the Bank of England, while outstanding levels of credit card borrowing grew by 0.7%, a rate of growth which is significantly lower than in 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 July 2019. This is 19.24% above the Bank of England Base Rate of 0.75%.
Mortgages, Rent and Housing
- Outstanding mortgage lending stood at £1.429 trillion at the end of July 2019. This is up from £1.386 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 10.95 million households with mortgage debt was £130,460 in July 2019.
- The average mortgage interest rate was 2.42% at the end of July. Based on this, households with mortgages would pay an average of £3,157 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.06%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,603 in interest over the year.
- According to UK Finance, gross mortgage lending in July 2019 totalled an estimated £26.1 billion, an increase of 2.9% on July 2018.