Here is an overview of The Money Charity’s latest statistics for January 2018:
Personal debt in the UK
People in the UK owed £1.566 trillion at the end of November 2017. This is up from £1.512 trillion at the end of November 2016 – an extra £1,040.96 per UK adult.
Per adult in the UK that’s an average debt of £30,253 in November – around 113.8% of average earnings. This is slightly up from a revised £30,172 a month earlier.
Outstanding consumer credit lending was £205.8 billion at the end of November 2017.
Citizens Advice Bureaux across England and Wales dealt with 523,247 issues in November 2017.
Debt was the second largest advice category (behind benefits and tax credits) with 141,467 issues. This is up 3% on the same month last year. Debt issues represented 27% of all problems dealt with over the period.
Spending and Loans
Data from LINK shows that, on average, 95 cash machine transactions (including balance enquiries and rejected transactions) were made every second in December 2017
The average APR for a £5,000 personal loan is 8.37%, according to the Bank of England. For a £10,000 loan it’s 3.84%, while the average rate for an overdraft is 19.72%
An average of £22,222 was spent every second using debit and credit cards in October
Mortgages rent and housing
The average mortgage interest rate was 2.5% at the end of October. Based on this, households with mortgages would pay an average of £3,064 in mortgage interest over the year.
Halifax estimate that house prices fell by 0.6% compared to last months estimate, but up 2.7% over the year.
According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in October was 17.2% (around £29,062) – 109% of an average salary.
