Credit Action Debt Stats for Nov 2007

Credit Action are a national money education charity who collate and publish consumer debt statistics each month.  

Total UK personal debt

Total UK personal debt at the end of September 2007 stood at £1,380bn. The growth rate increased to 10.0% for the previous 12 months which equates to an increase of £120bn.

Total secured lending on homes at the end of September 2007 stood at £1,163bn. This has increased 10.9% in the last 12 months.

Total consumer credit lending to individuals in September 2007 was £217bn. This has increased 5.8% in the last 12 months.

Total lending in September 2007 grew by £11.2bn. Secured lending grew by £9.8bn in the month. Consumer credit lending grew by £1.4bn.

Average household debt in the UK is £8,681 (excluding mortgages). This figure increases to £20,189 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 £55,403 (including mortgages).

Average owed by every UK adult is £29,063 (including mortgages). This grew by £350 last month.

Average outstanding mortgage for the 11.8m households who currently have mortgages is £98,517

Average interest paid by each household on their total debt is approximately £3,718 each year (this equates to 9% of take home pay).

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,554 per average UK adult at the end of September 2007.

Britain’s personal debt is increasing by £1 million every 4 minutes.

Today in the UK:

• Consumers will borrow an additional £330m today
• The average household debt will increase by over £13.25 today
• 77 properties will be repossessed today
• 317 people today will be declared insolvent or bankrupt
• 2,750 County Court Judgements (CCJs) issued
• Bank and building societies will hand out £1bn in mortgages today
• Citizen Advice Bureaus will deal with 6,600 debt problems today
• The average car will cost £15 to run today
• More than 7,716 loan repayments are going unpaid every day
• The average home will cost £30 today to run
• Raising a child to the age of 21 will now set you back £23.50 daily
• The price of a typical house will increase by £45 today
• £500m will be withdrawn from cash machines today by 7.5m people across the UK
• 24.5m transactions worth £1.4bn will be spent on plastic cards today
• 1/3rd of all groceries we buy today will end up in the dustbin.

For full report see Credit Action Debt Statistics

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