Here is an overview of The Money Charity’s latest statistics for April 2017:
Personal debt in the UK
- People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra£964.450 per UK adult.
- Based on February 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £50.440 billion.
- Outstanding consumer credit lending was £196 billion at the end of February 2017.
- Total net lending to individuals by UK banks and building societies rose by £4.9 billion in February 2017 – or £175m a day.
- Every day, on average, 41 people were made bankrupt, 68 Debt Relief Orders were granted, and 139 Individual Voluntary Arrangements were entered into.
Spending and Loans
- During January 2017 an average of 494 purchases were made in the UK every second using debit and credit cards, based on figures from the UK Cards Association.
- Meanwhile, data from LINK shows that, on average, 104 cash machine transactions (including balance enquiries and rejected transactions) were made every second in March 2017;
- The average interest rate on credit card lending bearing interest was 18.48% in February. This is 18.23% above the Bank of England Base Rate (0.25%).
- The average APR for a £5,000 personal loan is 8.81%, according to the Bank of England. For a £10,000 loan it’s 3.66%, while the average rate for an overdraft is 19.70%.
Mortgages, rent and housing
- Outstanding mortgage lending stood at £1.328 trillion at the end of February. This is up from £1.294 trillion a year earlier.
- The average mortgage interest rate was 2.63% at the end of February. Based on this, households with mortgages would pay an average of £3,154 in mortgage interest over the year.
- According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in January was 15.7% (around £28,552) – 108% of an average salary.
- The average monthly rent for a two-bedroom house in England was£600 – in London this was £1,500 (150% higher).