Here is an overview of The Money Charity’s latest statistics for September 2018:
Personal debt in the UK
- People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult.
- People in the UK owed £1.5955 trillion at the end of July 2018. This is up from £1.5494 trillion at the end of July 2017– an extra £884.32 per UK adult, and £69.32 higher than the previous month.
- The average total debt per household – including mortgages – was £58,658 in July. The revised figure for June was £58,525.
- Per adult in the UK that’s an average debt of £30,636 in July – around 113.0% of average earnings – up 0.3% on last month. This is up from a revised £30,567 a month earlier.
Spending and Loans
- In the year to June 2018, consumer credit increased by 8.8% with new lending outstripping repayments according to UK Finance. In the year to July 2018, outstanding levels of credit card borrowing grew by 7.2%, slightly down on the rate of growth at the beginning of the year.
- In Q1 2018, households in the UK spent £118.1m a day on water, electricity and gas – or £4.34 per household per day.
- The average interest rate on credit card lending bearing interest was 18.35% in July 2018. This is 17.60% above the Bank of England Base Rate of 0.75%.
Mortgages rent and housing
- Outstanding mortgage lending stood at £1.382 trillion at the end of July. This is up from £1.35 trillion a year earlier.
- That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £124.506 in July.
- The average mortgage interest rate was 2.46% at the end of July. Based on this, households with mortgages would pay an average of £3,063 in mortgage interest over the year.
- For new loans, the average mortgage interest rate was 2.07%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £2,907 in interest over the year.
- According to UK Finance, gross mortgage lending in July totalled an estimated £24.6 billion. This is up 9.8% on July 2017.