Here is an overview of The Money Charity’s latest statistics for July 2017:
Personal debt in the UK
People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult
Based on May 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £50.002 billion
Outstanding consumer credit lending was £199.7 billion at the end of May 2017.
Per household, that’s an average consumer credit debt of £7,370 in May, up from a revised £7,320 in April – and £545.17 extra per household over the year
There were 24,531 individual insolvencies in England and Wales in Q1 2017.
Spending and Loans
Outstanding mortgage lending stood at £1.338 trillion at the end of May.
The average mortgage interest rate was 2.58% at the end of May. Based on this, households with mortgages would pay an average of £3,109 in mortgage interest over the year.
According to the Council of Mortgage Lenders, gross mortgage lending in May totaled an estimated £20.1 billion.
The Office of National Statistics says that the average house price for first-time buyers was £185,266 in April 2017, which is an annual increase of 5%.
34% of households owned their home outright, while 29% were mortgagors. 20% rent privately, and 17% pay a social rent.
Mortgages, rent and housing
In Q4 2016, households in the UK spent £97.55m a day on water, electricity and gas – or £3.61 per household per day.
The average interest rate on credit card lending bearing interest was 18.21% in May. This is 17.96% above the Bank of England Base Rate (0.25%).
British Bankers Association figures show that 56.9% of credit card balances were bearing interest in May 2017.
