Personal Debt levels in the UK

  • The population of the UK grew by an estimated 1,083 people a day between 2017 and 2018.
  • On average, a UK household spends £3.92 a day on water, electricity and gas. 
  • 318 people a day were declared insolvent or bankrupt in England and Wales in October to December 2019. This was equivalent to one person every 4 minutes and 32 seconds. 
  • In Northern Ireland, there were 7 insolvencies per day and in Scotland 36 insolvencies per day. 
  • Citizens Advice Bureaux in England and Wales dealt with 2,618 debt issues every day in the year to February 2020. 
  • 14 properties were repossessed every day in Q4 2019 in England and Wales, or one every 1 hour and 40 minutes. 
  • The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 18 a day.
  • The number of people unemployed in the UK fell by 14 per day in the year to January 2020. 
  • 1,152 people a day reported they had become redundant in November to January 2020. 
  • Net lending to individuals and housing associations in the UK grew by £135 million a day in January 2020. 
  • Government debt increased by £124.6 million a day in the year to February 2020. 
  • Borrowers paid £140 million a day in interest in January 2020. 
  • It costs an average of £22.92 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 £28.16 per day. 
  • 68 mortgage possession claims and 48 mortgage possession orders were made every day in England and Wales in October to December 2019.
  • 277 landlord possession claims and 223 landlord possession orders were made every day

Personal Debt levels Hereford

This Months Highlights

  • £60,363 Average total debt per household
  • £2,595 Average credit card debt per household in January 2020
  • £4,264 Total unsecured debt per UK adult, January 2020
  • -0.3% change in outstanding credit card balances in year to January 2020
  • 12.8 million Number of households with either no, or less than £1500, in savings
  • 20.77% Average credit card interest rate in February 2020
  • 4.8 million – The number of households without at least one essential household appliance (fridge, freezer, washing machine, cooker etc).
  • 26 years and 8 months  – Time to pay off average credit card debt making only the minimum payment per month.

Statistics Source: https://www.themoneycharity.org.uk

We have assisted many people with personal debt in Hereford – view our testimonials here https://www.griffinandking.co.uk/testimonials.php

If you would like further information on Corporate or Personal debt levels hereford please contact Griffin & King Insolvency Practitioners Hereford on 01432 291013, and speak to Tim, Mark or Janet.

You can also contact Janet by email on janet.peacock@griffinandking.co.uk, or by text or calling on 07545 806 531.

Don’t wait until it’s too late!