Here is an overview of The Money Charity’s latest statistics for November 2018:
Personal debt in the UK
- People in the UK owed £1.605 trillion at the end of September 2018. This is up from £1.560 trillion at the end of September 2017, an extra £870.78 per UK adult and £76.54 higher than the previous month.
- The average total debt per household, including mortgages, was £59,008 in September. The revised figure for August was £58,861.
- Per adult in the UK that’s an average debt of £30,819 in September, around 113% of average earnings. This is up from a revised £30,742 a month earlier.
Spending and Loans
- In the year to August 2018, consumer credit increased by 8.1% according to UK Finance, while outstanding levels of credit card borrowing grew by 8.9%, 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 18.63% in September 2018. This is 17.88% above the Bank of England Base Rate of 0.75%.
Mortgages, Rent and Housing
- Outstanding mortgage lending stood at £1.39 trillion at the end of September. This is up from £1.36 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 11.1 million households with mortgage debt was £125,208 in September.
- The average mortgage interest rate was 2.53% at the end of September. Based on this, households with mortgages would pay an average of £3,168 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.11%. Using the latest figures from UK Finance, this means new mortgages would attract an average o £3,060 in interest over the year.
- According to UK Finance, gross mortgage lending in September totalled an estimated £20.6 billion. This is down 3.3% on September 2017