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UK Consumer Debt Numbers January 2018 - Our top 10

Friday, 19th January 2018

January 2018 striking numbers - our top 10 from The Money Charity

  1. £70bn is the total amount credit card debt in November 2017
  2. On average, a UK household spends £3.27 a day on water, electricity and gas
  3. 21 properties are repossessed every day, or one every 1 hour and 9 minutes
  4. It costs an average of £30.23 per day to raise a child from birth to the age of 21
  5. 4,563 number of debt problems dealt with by Citizens Advice every day in November
  6. 1,756 Consumer County Court Judgments (CCJs) were issued every day in Q3, with an average value of £1,472
  7. 277 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 12 seconds
  8. £122,554 average mortgage debt for 11.1 homes with average interest rate of 2.5% paying an average £3,064 a year in interest
  9. £6.2 million daily write-off in by UK banks & building societies equates to £576 million (of which £361 million was credit card debt) 3Q 2017
  10. Total credit card debt in November 2017 was £70.00 bn. Per household this is £2,574 – for a credit card bearing the average interest, it would take 26 years and 3 months to repay if you made only the minimum repayment each month. The minimum repayment in the first month would be £62 but reduces each month. If you paid £62 every month, the debt would be cleared in around 5 years and 4 months.

DebtWizard comment

Mike Thomas, founder of DebtWizard.com, said "As a father of three I have often wondered where my money has gone (see 4), seems a lot to me, be interesting to know how The Money Charity come to this figure."

"The stand out number for me though is 10, anyone with making the minimum payment on their credit card debt needs to get control of the situation such as refinancing the credit card debt with a cheaper interest rate or seriously increase their monthly payments. O% interest rate balance transfer may be an option but they can have their pitfalls if the card holder continues to spend on the card. If the card holder is unable to increase the monthly payments or reduce their debt then perhaps it's time to get that all important debt advice."

We have a list of the organisations that are not for profit and 100% free to the consumer here.

Statistics supplied by The Money Charity

The Money Charity is the UK’s financial capability (financial education) charity. Their vision is that everyone has the ability to be on top of their money as a part of everyday life. They empower people across the UK to build the skills, knowledge, attitudes and behaviours to make the most of their money throughout their lives.

You can view the full list of January 2018 Money statistics here The Money Charity - Full list




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