UK Debt statistics – Seek debt advice now!

UK personal debt statistics provided by @creditaction. It is important that, should you find yourself in debt and struggling to make your monthly payments that you seek professional IVA debt advice as soon as possible.

X-debt will provide confidential IVA advice and other debt advice which is suitable for your situation. Assistance should be sought as soon as possible so please contact us now for free professional advice.

The statistics show that personal debt was up in the 12 months between March 2011 and March 2012 as was overall UK mortgage lending. However, outstanding unsecured lending and average household debt excluding mortgages was down in the same period. This is of course encouraging news although the amount of unsecured credit in the UK is still unsustainable for many. It may well be down to the fact that there is less money in the economy and due to the fact, with the credit rating of many people suffering, banks and other financial institutions are unwilling to lend further.

Average mortgage lending was up during this period and the average amount owed by UK adults is a staggering 123% of average earnings.

With over 300 people declared bankrupt and over 1400 CCJs per day times look extremely tough for many individuals. For many it is now too late and bankruptcy has been the only option. However, whilst it may seem that there is no way out of the debt spiral there is help at hand. An IVA for many is a viable alternative to bankruptcy with a defined goal and end date. Speak to an Insolvency Practitioner who will be able to offer detailed IVA advice as well as debt advice on other possible solutions.

UK Personal Debt
• Outstanding personal debt stood at £1.458 trillion at the end of March 2012.
• This is up from £1.451 trillion at the end of March 2011. Individuals owed nearly as much as the entire country produced during the whole of 2011.
• Outstanding secured (mortgage) lending stood at £1.250 trillion at the end of March 2012. This is up from £1.240 trillion at the end of March 2011.
• Outstanding unsecured (consumer credit) lending stood at £208 billion at the end of March 2012. This is down from £211 billion at the end of March 2011.
• Average household debt in the UK (excluding mortgages) was £7,903 in March. This is down from a revised £7,884 in March.
• Average household debt in the UK (including mortgages) was £55,436 in March. This is up from a revised £55,384 in February.
• The average amount owed per UK adult (including mortgages) was £29,681 in February. This was around 123% of average earnings.

Every Day in the UK
• 314 people are declared insolvent or bankrupt every day (based on Q1 2012 trends). This is equivalent to 1 person every 63 seconds during each working day.
• 1,473 Consumer County Court Judgements (CCJs) are issued every day (based on Q4 2011 trends). The average value of a Consumer CCJ in Q4 2011 was £2,949.
• Citizens Advice Bureaux in England and Wales dealt with 8,518 new debt problems every working day during the year ending December 2011.
• It costs an average of £28.44 per day to raise a child from birth to the age of 21.
• 93 properties are repossessed every day (based on Q4 2011 trends).
• 104 new people a day became unemployed for over 12 months during the year ending February 2012.