Here is an overview of The Money Charity’s latest statistics for April 2018:
Personal debt in the UK
People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult.
Per adult in the UK that’s an average debt of £30,537 in February – around 114.2% of average earnings. This is slightly up from a revised £30,445 a month earlier.
Outstanding consumer credit lending was £209.4 billion at the end of February 2018.
Citizens Advice Bureaux across England and Wales dealt with 520,920 issues in February 2017.
Debt was the second largest advice category (behind benefits and tax credits) with 130,156 issues. This is up 6% on the same month last year. Debt issues represented 25.9% of all problems dealt with over the period.
Spending and Loans
Data from LINK shows that, on average, 94 cash machine transactions (including balance enquiries and rejected transactions) were made every second in March 2018.
In total, cash machine transactions were worth an average of £4,044 in March 2018
The average APR for a £5,000 personal loan is 8.04%, according to the Bank of England. For a £10,000 loan it’s 3.79%, while the average rate for an overdraft is 19.72%.
It cost an average of £23.61 a day for a couple family to raise a child to the age of 18.
It cost an average of £28.48 a day for a lone parent family.
Mortgages rent and housing
The average mortgage interest rate was 2.52% at the end of February. This stood at 2.04% for new loans. Based on this, households with mortgages would pay an average of £3,114 in mortgage interest over the year. New loans would attract an average of £2,846 in interest.
Halifax estimate that house prices rose by 1.5% compared to last months estimate, but down by 0.1% over the quarter and up 2.7%annually. Nationwide estimate house prices fell by 0.2% in March, up 2.1% on 12 months ago.
According to UK Finance, the typical first-time buyer deposit in November was 17.3% (around £25,784) – 96% of an average salary.
