Here is an overview of The Money Charity’s latest statistics for December 2017:
Personal debt in the UK
- People in the UK owed £1.562 trillion at the end of October 2017. This is up from £1.504 trillion at the end of October 2016 – an extra £1,106.13 per UK adult.
- Per adult in the UK that’s an average debt of £30,176 in October – around 113.7% of average earnings. This is slightly up from a revised £30,096 a month earlier.
- Outstanding consumer credit lending was £205.3 billion at the end of October 2017.
- Citizens Advice Bureaux across England and Wales dealt with 522,494 issues in October 2017.
- Debt was the second largest advice category (behind benefits and tax credits) with 133,997 issues. This is up 12% on the same month last year. Debt issues represented 26.5% of all problems dealt with over the period.
Spending and Loans
- Data from LINK shows that, on average, 98 cash machine transactions (including balance enquiries and rejected transactions) were made every second in September 2017
- The average APR for a £5,000 personal loan is 8.11%, according to the Bank of England. For a £10,000 loan it’s 3.73%, while the average rate for an overdraft is 19.72%
- An average of £22,377 was spent every second using debit and credit cards in September
Mortgages rent and housing
- The average mortgage interest rate was 2.5% at the end of October. Based on this, households with mortgages would pay an average of £3,056 in mortgage interest over the year.
- Halifax estimate that house prices fell by 0.6% compared to the three month leading to November 2017, but up 4.5% on 12 months ago.
- According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in September was 17.3% (around £31,236) – 118% of an average salary.