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.
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 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 to so a creditor can start any debt collections or litigation stage.
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