UK Debt Statistics

UK Debt Statistics for 2021

 

A quick over of the UK debt numbers

This blog post covers a quick summary of UK Debt Statistics.

AT THE END OF AUGUST 2020, OUTSTANDING CONSUMER CREDIT LENDING WAS £207.8 BILLION, FALLING BY £0.96 BILLION ON THE REVISED TOTAL FOR THE PREVIOUS MONTH.

 

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Debt recovery explained

 

 

UK debt statistics

  • £2,241 Average credit card debt per household in August 2020
  • £60,526 Average total debt per UK household in August 2020
  • £3,946 Total unsecured debt per UK adult, August 2020
  • 12.8 million Number of households before pandemic with either no, or less than £1,500, in savings
  • 2.1% Increase in average first-time buyer house price in the year to August 2020
  • 6 years Time to save for a first-time buyer house deposit, saving at the average rate out of average UK income (at April to June 2020 rate of household saving)

 

  • PEOPLE IN THE UK OWED £1,684 BILLION AT THE END OF AUGUST 2020.
  • THIS IS UP BY £26.2 BILLION FROM £1,658 BILLION AT THE END OF AUGUST 2019, AN EXTRA £498 PER UK ADULT OVER THE YEAR.
  • THE AVERAGE TOTAL DEBT PER HOUSEHOLD, INCLUDING MORTGAGES, WAS £60,526.
  • PER ADULT THIS WAS £31,972, AROUND 111.5% OF AVERAGE EARNINGS. THIS IS UP FROM A REVISED £31,914 A MONTH EARLIER.

*source of UK statistics

 

Debt in the UK seems to be on the rise due to multiple factors including, Covid-19, job losses, wage stagnation, increasing costs including the cost of living, and rising housing costs for the ever-increasing section of the population that is in the rental sector.

Many creditors are experiencing increasing issues around non-payment and delayed payments and the Find UK People® debtor tracing service can help to locate where a debtor has moved to so a creditor can start any debt collections or litigation stage.

 

 

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Stigma of debt needs to change

 

 

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