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Ten debt statistics you need to know

Concerns as 9,498 contact Citizens Advice each day

Man in debt

Citizens Advice Bureaux deal with 9,498 new debt problems each working day

Money education charity Credit Action has released its debt statistics report for June, which details the level of debt in the UK.

10 facts about debt

The report covers the number of people contacting advice services, measures the level of personal debt and tracks government debt payments. Key facts from the report include:

  • Citizens Advice Bureaux deal with 9,498 new debt problems each working day
  • 1,348 people are made redundant daily
  • 850,000 people have been unemployed for more than 12 months
  • £55,854 is the average household debt (including mortgages)
  • £29,835 is the average amount owed by every UK adult (including mortgages)
  • £179m is the personal interest paid in the UK daily
  • £20.71m is written off of loans by banks and building societies every day
  • Every 14 minutes a property is repossessed
  • It costs £68.45 to fill a car with a 50-litre tank with unleaded petrol
  • £199,700,000 is the daily increase in Government national debt (PSDN)
  • £1,156,000,000 is the total value of all purchases made using plastic cards today.

Joanna Parsley, Associate Director at Credit Action says, ‘June’s debt statistics show some interesting trends. As consumers we are choosing to pay down our debts, as this month shows that on average household debt excluding mortgages decreased by £23 to £8,121 and similarly, average household debt including mortgages fell by £16 to £55,854.

‘Yet as consumers we’re doing it against a backdrop of an ever increasing cost of living. The CPI reached 4.5% in April, and the cost of filling a car with a 50-litre tank with unleaded petrol has increased further, by 55p this month. For the average consumer, the squeeze on their household budget continues.’

Which? credit and debt expert Martyn Saville added: ‘The number of people contacting Citizens Advice has gone up again this month, suggesting that while many people are doing their best to pay down debt, many more are really struggling and are turning to debt advice organisations for help.

‘Organisation like Citizens Advice, Consumer Credit Counselling Service, National Debtline and Payplan all play a key role in keeping consumers out of the clutches of commercial debt management companies.’

Which? borrowing and debt advice

If you’re struggling to meet your mortgage repayments, it’s vital to speak to your lender as soon as possible. For more information, read the Which? guide to avoiding repossession.

If you’re struggling with debt, read the Which? How to deal with debt guide, which includes contact details for free debt advice organisations.

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