Statistics Archive - The Money Charity (2024)

UK Personal Debt

People in the UK owed £1,856.8 billion at the end of June 2024.

This is up by £23.3 million from £1,833.5 billion at the end of June 2023, an extra £267.79per UK adult over the year.

The average total debt per household, including mortgages, was £65,380.

Per adult this was £34,612, around 96.3% of average earnings. This is up from the revised £34,544 a month earlier.

Based on June 2024 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £78.7 billion, an average of £215 million per day.

The average annual interest per household would have been £2,771and per person £1,467, 4.08%of average earnings.

According to the Office for Budget Responsibility’s November 2023 forecast, household debt of all types is forecast to rise from £2,259 billion in 2023 to £2,429 billion in 2025.

This would make the average total household debt £85,274(assuming household numbers track ONS population projections.)

At the end of May 2024, outstanding consumer credit lending was £229.6 billion, increasing by £863 million on the revised total for the previous month.

Within the total, outstanding credit card debt came to £70.9 billion, an increase of 6.83% in the year to June 2024. Credit card debt averaged £2,495 per household and £1,321 per adult.

Acredit card on the average interest would take27 years and 1 month to repay,making only the legal minimum repayments each month.

The minimum repayment in the first month would be£71but would reduce each month. If £71 were paid everymonth, the debt would be cleared in 4 years and 11 months.

Total net lending to individuals and housing associations by UK banks and building societies increased by £3.63 billion in June 2024 or £121 million a day over revised figures for May 2024.

Net mortgage lending increased by £2.76 billionin the month, while net consumer credit lending increasedby £250 million.

In Q1 2024 lenders wrote off £646 million(of which £312 millionwas credit card debt, amounting to a daily write-off of£3.42 million.)

Everyday in the UK

The population of the UK grew by an estimated 1,584 people a day between mid-year 2021 and mid-year 2022.

On average, a UK household spends£3.44a day on water, electricityandgas.

332 people a day were declared insolvent or bankrupt in England or Wales in May to July 2024. This was equivalent to one person every 4 minutes and 20 seconds.

In Northern Ireland in the three months to July 2024, there were 4.5 insolvencies per day. In Scotland in the three months to June 2024 there were 22.3 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with1,223 debt issues every day in the year to July 2024.

10.77 properties were repossessed every day in April to June 2024 in the UK, or one every 2 hours and 20 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance increased by 38.8 a day in the year to June 2024.

The number of people unemployed in the UK increased by 68 per day in the twelve months to June 2024.

1,173 people a day reported they had become redundant in April to June 2024.

Net lending to individuals and housing associations in the UK increased by £121 milliona day in June 2024.

Government debt increased by£524 milliona day in the three months to July 2024.

Borrowers paid£215 milliona day in interest in July 2024.

It costs an average of£25.28per day for a couple to raise a child from birth to the age of 18.

For a lone parent family, the cost of raising a child comes to£33.54per day.

55.8 mortgage possession claims and35.2 mortgage possession orders were made every day in England and Wales in April to June 2024.

262.7 landlord possession claims and 198.5 landlord possession orders were made every day.