April 2010

9,500

Number of new debt problems dealt with by CAB each day

£58,083

average household debt

£187m

personal interest paid in UK daily

every 11.4 minutes

a property is repossessed

1,841 people

made redundant every day

every 3.69 minutes

someone will be declared insolvent or bankrupt

£397,500,000

daily increase in Government national debt (PSDN)

Total UK personal debt

Total UK personal debt at the end of February 2010 stood at £1,464bn. The twelve-month growth was 0.9%. Individuals owe more than what the whole country produces in a year.

Total lending in February 2010 rose by £2.1bn; secured lending increased by £1.6bn in the month; consumer credit lending increased by £0.5bn (total lending in Jan 2008 grew by £8.4bn).

Total secured lending on dwellings at the end of February 2010 stood at £1,239bn. The twelve-month growth rate was 1.0%.

Total consumer credit lending to individuals at the end of February 2010 was £225bn. The annual growth rate of consumer credit was 0.2%.

Average household debt in the UK is ~ £8,920 (excluding mortgages). This figure increases to £18,583 if the average is based on the number of households who actually have some form of unsecured loan.

Average household debt in the UK is ~ £58,083 (including mortgages).
If you add to this the March 2010 budget report figure for public sector net debt (PSND) expected in 2014-15 (excluding financial interventions) then this figure rises to £113,876 per household.

Average owed by every UK adult is ~ £30,328 (including mortgages). This is 132% of average earnings.
Average outstanding mortgage for the 11.1m households who currently have mortgages now stands at ~ £111,612.

Britain's interest repayments on personal debt were £68.4bn in the last 12months. The average interest paid by each household on their total debt is approximately £2,716 each year. According to PwC the average household will need to spend approximately 15% of net income purely to service the interest payments arising from this debt.

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,658 per average UK adult at the end of February 2010.

Today in the UK

The average household debt will increase by £0.44 today (it grew by £11.11 a day in January 2008)
390 people today will be declared insolvent or bankrupt. This is equivalent to 1 person every 3.69 minutes
Citizen Advice Bureaus dealt with 9,500 new debt problems every day in England and Wales
The average cost of raising a child from birth to the age of 21 is £26 a day.
1,000 people are seeking some form of formal debt rescheduling every working day.
230,137 unsolicited telephone calls made to UK consumers daily by debt management and personal loan companies
In the last 12 months consumers saved an average of £2.76 every day
2,000 Consumer County Court Judgements (CCJs) were issued every day in the first 3 months of 2009
126 properties were repossessed every day during 2009
Unemployment increased by 1,049 people every day during 12 months to end January 2010.
1,841 people reported they had become redundant every day during 3 months to end January 2010.
167 young people (18 – 24s) have become a NEET (not in education, employment or training) every day during the last 12 months.
£397,500,000 is the amount that the Government Public Sector net debt (PSDN) will grow today (equivalent to £4,601 per second).
£84,880,000 is the interest the Government has to pay each day on the UKs net debt of £857.5bn. This is projected to rise to £114m a day (£41.6bn) in 2010 – 2011 financial year.
219 mortgage possession claims will be issued and 185 mortgage possession orders will be made today
363 landlord possession claims will be issued and 244 landlord possession orders will be made today.
The UK population is projected to grow by 1,178 people a day over the next decade
21.9m plastic card purchase transactions will be made today with a total value of £1.05bn.
8.1m cash withdrawals will be made today with a total value of £530m
The average car will cost £15.13 to run today

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