Up to date information regarding credit and debt issues.

Moderators: TalbotWoods, JaneClack

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By TalbotWoods
#472166 Here are some self-explanatory facts:

Everyday in the UK

• It costs an average of £29.91 per day to raise a child from birth to the age of 21.
270 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 20 seconds.
34.7 million plastic card purchase transactions were made every day in November 2014, with a total value of £1.620 billion.
106 mortgage possession claims are made every day

Personal debt in the UK

• People in the UK owed £1.466 trillion at the end of December 2014. This is up from £1.438 trillion at the end of December 2013 – an extra £572 per UK adult.
• The average total debt per household – including mortgages – was £54,915 in December.
• Per adult in the UK that’s an average debt of £29,036 in December – around 115.3% of average earnings. This is up from a revised £29,055 in November.

Mortgages, rent and housing

• Outstanding mortgage lending stood at £1.298 trillion at the end of December 2014.
• That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £116,635 in December.
• The average Mortgage Interest rate was 3.18% at the end of December. Based on this, households with mortgages would pay an average of £3,709 in mortgage interest over the year.
• The average monthly rent for a two-bedroom house in England was £580 - in London this was £1,387 (139% higher)

Savings and Pensions

• In Q2 2014, households saved an average of 7.0% of their pre-tax income.
• If someone on the average salary saved 7.0% of their income in an average instant access savings account for a year, they would receive £5.92 in interest after tax.
• If they saved it in an average cash ISA, they would receive £14.17.
• Around 9.24m (35%) households have no savings, while a further 3.43m (13%) have under £1,500.

Spending and loans

• In Q3 2014, households in the UK spent £83.79m a day on water, electricity and gas – or £3.17 per household per day.
• In January 2015 it cost £54.46 to fill a 50 litre unleaded tank.
• The average interest rate on credit card lending was 17.75% in November. This is 17.25% above the Bank of England Base Rate (0.5%).

Striking numbers

£29.91: the average cost per day of raising a child to 21
£395: increase annually in outstanding consumer credit lending per UK household
At least 5.135m: the number of people who have joined a pension scheme under auto-enrolment
1,132: the number of people made redundant every day between September and November
57%: proportion of credit card balances bearing interest
146,718: average first-time buyer loan
£71m: daily net lending by banks to individuals
401: purchases made every second on debit of credit cards in November
£54.46: average cost of filling a 50-litre tank with unleaded petrol

[Source: http://themoneycharity.org.uk/money-statistics/ ]