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UK Consumer Debt Numbers July 2018 - Our top 10

Monday, 30th July 2018

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

  1. 18.24% The average credit card interest in the UK
  2. £122m The increase in net lending to individuals a day
  3. £1.5877 trillion is the amount people in the UK owed at the end of May 2018
  4. £4.21 is the average a UK household spends a day on water, electricity and gas
  5. 50 mortgage possession claims and 34 mortgage possession orders are made every day
  6. £4,087 per adult is the average consumer credit borrowing. Up from £4,067 on last month
  7. £23.61 is the average cost per day for a couple to raise a child from birth to the age of 18. £28.48 for lone parent
  8. 304 people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes and 44 seconds
  9. 3,399 Consumer County Court Judgements (CCJs) were issued every day in Q1 2018, with an average value of £1,489
  10. Total credit card debt in May 2018 was £71.6 bn. Per household this is £2,634 – for a credit card bearing the average interest, it would take 26 years and 5 months to repay if you made only the minimum repayment each month. The minimum repayment in the first month would be £64 but reduces each month. If you paid £64 every month, the debt would be cleared in around 5 years and 4 months.

DebtWizard comment

Mike Thomas, founder of DebtWizard.com, said "We all know children cost a few bob to raise but wow! Didn't think it was that much ( see 7), seems a lot to me, be interesting to know how The Money Charity come to this figure."

"However the stand out debt number for me is one of the most common forms of debt, the dreaded credit card, see10. I cannot emphasize enough how important it is NOT to just make the minimum payment on their credit card debt. Just look at how much you pay back (see 10), basically its an additional £2.50 in interest on top of every one pound borrowed!"

"Consumers with credit card debt need 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."

Help and advice for credit card debt – Five top tips

With so much credit on cards it must come of no surprise that some of us will experience problems repaying them. Redundancy, illness, separation of a relationship or even an unexpected bill can put a strain on our finances, but help is at hand if that credit card debt is getting out of control with our five top tips.

What is best for you depends on your circumstances and the ability to pay so if the answer is not in this guide, don’t panic, speak to us as we may be able to find other debt solutions to help you best manage your debt. You will be surprised at how many there are and how they might just work for you.

Take me to the 5 top tips on reducing credit card debt

Are you in debt but don't know where to start?

If this is you then we offer information on what to do when you have a debt issue, who to contact for help, how to take control of your situation, what to say to your lenders / debt collectors and that importantly how not to pay thousands of pounds in fees.

You can see the full five point guide here In debt? Don't know where to start?

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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