Here is an overview of The Money Charity’s latest statistics for November 2019:
Personal debt in the UK
- People in the UK owed £1,661 billion at the end of September 2019. This is up from £1,612 billion at the end of September 2018, an extra £930 per UK adult over the year.
- The average total debt per household, including mortgages, was £59,823.
- Per adult in the UK that’s an average debt of £31,485, around 111.4% of average earnings. This is up from a revised £31,407 a month earlier.
Spending and Loans
- In the year to September 2019, consumer credit increased by 3.1% according to the Bank of England, while outstanding levels of credit card borrowing fell by 0.1%, a reversal pf the direction of change since 2018. This may be due to the FCA’s new rules on persistent credit card debt.
- In Q2 2019, households in the UK spent £115.96 million a day on water, electricity and gas, or £4.18 per household per day. On a seasonally adjusted basis, this was 5.0% more than the revised figure for Q1 2019.
- The average interest rate on credit card lending bearing interest was 20.03% in October 2019. This is 19.28% above the Bank of England Base Rate of 0.75%.
Mortgages and Rent
- Outstanding mortgage lending stood at £1.436 trillion at the end of September 2019. This is up from £1.393 trillion a year earlier.
That means that the estimated average outstanding mortgage for the 10.96 million households with mortgage debt was £130,978 in September 2019.
- The average mortgage interest rate was 2.40% at the end of September. Based on this, households with mortgages would pay an average of £3,143 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.02%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,519 in interest over the year.
- According to UK Finance, gross mortgage lending in September 2019 totalled an estimated £22.3 billion, 3.7% higher than in September 2018.
- According to the FCA, in the UK in 2017 there were 1.3 million people who did not have a bank account.
- According to ONS, there were 11,065 bank and building society branches in the UK in 2018. This was a reduction of 2,280 branches (17%) since 2012.
- According to the 2019 Access to Cash Review, 2.2 million people use only cash in their daily transactions.