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UK Consumer Debt Numbers September 2018 - Our top 10

Thursday, 20th September 2018

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

  1. 18.35% (up .11% on July) is the average credit card interest in the UK
  2. £1.5955 trillion is what people in the UK owed at the end of July 2018
  3. £58,658 is the average total debt per household – including mortgages
  4. £4,099 is the average consumer credit borrowing per adult
  5. £3.3 million a day in Q2 2018 was written off by lending institutions
  6. 34% is the proportion of income, including benefits, spent on rent by private renters
  7. £4.34 is what a UK house holder spends on average, per day, on water, electricity and gas
  8. 1,074 is the estimated increase per day between 2016 and 2017 of the population in the UK
  9. £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
  10. Total credit card debt in July 2018 was £72.0bn. Per household this is £2,647 – for a credit card bearing the average interest, it would take 26 years and 6 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 "The stand out debt number for me is one of the most common forms of debt, the dreaded credit card, see 10. 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! This means a £3,000 credit card debt when only making minimum payments means yo ucan end up paying back £10,500."

"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 debt on credit 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

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 September 2018 Money statistics here The Money Charity - Full list




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