A quick over of the UK debt numbers
This blog post covers a quick summary of UK Debt Statistics. People in the UK owed £1,647 BILLION in debt at the end of July 2019, this amount seems to be ever increasing due to many factors. This figure has risen by 47 billion in just one year.
You can view this another way which perhaps make it easier to quantify, for each UK based adult the figure is £31,220 which is 110% of earnings. Debt in the UK seems to be rising and there are more debtors in the UK each day.
UK debt statistics
Average total debt per UK household in July 2019 £59,319
Average credit card debt per UK household in July 2019 £2,609
Time to pay off the average credit card debt by paying the minimum payment 26 years and 7 months
Average credit card interest rate 19.9%
Landlord possession order made each day currently in the uk 235
Borrowers paid a day in interest in July 2019 £139 million
*source of UK statistics
Debt in the UK seems to be on the rise due to multiple factors including, 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.
Call our debtor tracing team on 01273 252539