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:

We have assisted many people with personal debt in Hereford – view our testimonials here

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, or by text or calling on 07545 806 531.

Don’t wait until it’s too late!