Here is an overview of The Money Charity’s latest statistics for December 2018:
Personal debt in the UK
- People in the UK owed £1.613 trillion at the end of October 2018. This is up from £1.564 trillion at the end of October 2017, an extra £928.44 per UK adult and £142.69 higher than the previous month.
- The average total debt per household, including mortgages, was £59,288 in October. The revised figure for September was £59,015.
- Per adult in the UK that’s an average debt of £30,965 in October, around 113% of average earnings. This is up from a revised £30,823 a month earlier.
Spending and Loans
- Outstanding mortgage lending stood at £1.397 trillion at the end of October. This is up from £1.359 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 11.1 million households with mortgage debt was £125,860 in October.
- The average mortgage interest rate was 2.5% at the end of October. Based on this, households with mortgages would pay an average of £3,146 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.1%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,045 in interest over the year.
- According to UK Finance, gross mortgage lending in September totalled an estimated £25.5 billion. This is up 5.6% on October 2017.
Mortgages, Rent and Housing
- In the year to September 2018, consumer credit increased by 7.7% according to UK Finance, while outstanding levels of credit card borrowing grew by 8.7%, a rate that has been fairly constant over the last year.
- In Q2 2018, households in the UK spent £108.7 million a day on water, electricity and gas, or £4.00 per household per day. On a seasonally adjusted basis, this was slightly down on Q1 2018.
- The average interest rate on credit card lending bearing interest was 18.5% in October 2018. This is 17.75% above the Bank of England Base Rate of 0.75%.