Here is an overview of The Money Charity’s latest statistics for January 2017:
Personal debt in the UK
People in the UK owed £1.512 trillion at the end of November 2016. This is up from £1.460 trillion at the end of November 2015 – an extra £1017.04 per UK adult.
- Based on November 2016 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £50.574 billion.
- That’s an average of £139 million per day.
- This means that households in the UK would have paid an average of £1,873 in annual interest repayments. Per person that’s £1,001 – 3.79% of average earnings.
- Outstanding consumer credit lending was £192.19 billion at the end of November 2016.
Spending and Loans
- Data from LINK shows that, on average, 101 cash machine transactions (including balance enquiries and rejected transactions) were made every second in November 2016;
- In total, cash machine transactions were worth an average of £4,123 per second.
- LINK’s transaction figures do not include transactions or withdrawals made by customers at their own bank’s or building societies’ ATMs.
- The average interest rate on credit card lending bearing interest was 18.36% in November. This is 18.11% above the Bank of England Base Rate (0.25%).
- The average APR for a £5,000 personal loan is 9.07%, according to the Bank of England. For a £10,000 loan it’s 3.76%, while the average rate for an overdraft is 19.71%.
Mortgages, rent and housing
- Outstanding mortgage lending stood at £1.319 trillion at the end of November.
- This is up from £1.282 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £119,117 in November.
- According to the Council of Mortgage Lenders, gross mortgage lending in November totalled an estimated £21 billion.
- This is up 3% on November 2015, and up 3% from October.