“People in the UK owed £1.512 trillion at the end of November 2016. This is up from £1.460 trillion at the end of November 2015 – an extra £1017.04 per UK adult.” – The Money Charity
The UK’s Personal and Household Debt Statistics 2016
(This does not include mortgage debts) Only 52% of homes and 65% of all individuals in the UK did not have financial problems or debt. This is an increase from the same statistic between 2006 and 2008.
Households with children struggled with debt greatly. 66% of homes with children had financial problems and debt. This was even more significant when the children where dependent on their parents. Homes that had this situation had debt which was 19% of their income – one-fifth.
People who earned the least and are in the lowest earning bracket suffered the highest debts and financial struggles. This is much more than any other bracket. Shockingly individuals who were in this lowest earning bracket stated their debts to be 83% of their annual income. This is a decrease from the debts they reported after the credit crunch in 2010 to 2012, the debt figures then are cited as being 128% of their annual income.
The ages with the highest debt compared to their income was 16 to 24 year olds. It was reported that 50% of them had debt of 40% + of their annual income.
Credit/store cards continued to be the most seen source of debt, 45% of people had debt incurred from their credit/store card. However, the greatest value of debt was created from student loans. These averaged a value of £10,000 of debt.
Each Day in the UK:
- 220 people a day are declared bankrupt or insolvent, this is around every 7 minutes.
- 2,102 COUNTY COURT JUDGMENTS (CCJs) are issued everyday, with a median value of £2,030.
- 398 landlord possession claims and 309 landlord possession orders are made every day.
- On average, a UK household pays £3.78 a day on gas, electricity and water.
- 34 million plastic cars purchase transactions were made every day in January 2015
- 25 properties were repossessed everyday, one every 57min and 40 seconds
- Citizens advice bureaux in Wale and England handled 3,957 new debt problems everyday during December 2015.
- 8.5 million cash machine transactions were made everyday in March with a value of £344 million.
Attention Trust Charity Helpline
Our charity aim to see 30,000 people debt free in the next 5 years. So let us help you today. If you are struggling with debt and would like free advice then call 0112 496 0919 or email firstname.lastname@example.org.
Unable to call right now? Do not worry, visit contact us. You can leave us a message and select the subject you would like to talk about when you have the time to call. We will make sure to get back to you in 24 hours.