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The Money Statistics April 2019 - Our top 10

Thursday, 25th April 2019

April 2019 striking numbers - our top 10 from The Money Charity

  1. People in the UK owed £1.633 billion at the end of February 2019
  2. £2,649 average credit card debt per household in February 2019
  3. 2.46% was the average mortgage interest rate at the end of February 2019
  4. £4.05 a day is what the average UK householder spends on water, electricity and gas
  5. 19.81% Average credit card interest rate in March 2019 - Current Bank of England base rate - 0.75%
  6. 26 years and 7 months is the time to pay off average credit card debt making only the minimum payment per month
  7. 3,055 Consumer County Court Judgements (CCJs) were issued every day in England and Wales in 2018, with an average value of £1,431
  8. £22.95 is the average cost per 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 £27.90 per day
  9. In Q4 2018 lenders wrote off £1.004 billion (£488 million was credit card debt, amounting to a daily write-off of £5.3 million)
  10. Everyday, on average, 46 people were made bankrupt, 78 Debt Relief Orders (DROs) were granted, and 247 Individual Voluntary Arrangements (IVAs) were entered into.

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 number 6. 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, 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 can add up to you 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."

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 April 2019 Money statistics or sign up (look for the subscribe button next to no 2 on their list) to receive them, visit The Money Charity - Full list

 

 

 

 

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