UK banks and building societies wrote off £9.6bn of loans to individuals in the last 12 months to end Q1 2010. In Q1 2010 they wrote off £2.13bn (£1.25bn of that was credit card debt). This amounts to a write-off of £23.35m a day, reveal Credit Action. Total UK personal debt at the end of June 2010 stood at £1,457bn. The twelve-month growth remained at 0.8%. Individuals owe more than what the whole country produces in a year. Total lending in June 2010 rose by £0.6bn; secured lending increased by £0.7bn in the month; consumer credit lending fell by £0.1bn (total lending in Jan 2008 grew by £8.4bn).
Total secured lending on dwellings at the end of June 2010 stood at £1,239bn. The twelve-month growth rate remained at 0.9%. Total consumer credit lending to individuals at the end of June 2010 was £218bn. The annual growth rate of consumer credit fell by 0.1% to - 0.1%.
Average household debt in the UK is ~ £8,650 (excluding mortgages). This figure increases to £18,021 if the average is based on the number of households who actually have some form of unsecured loan.
Average household debt in the UK is ~ £57,809 (including mortgages). If you add to this the March 2010 budget report figure for public sector net debt (PSND) expected in 2015-16 (excluding financial interventions) then this figure rises to £110,031 per household.
Average owed by every UK adult is ~ £29,928 (including mortgages). This is 127% of average earnings. Average outstanding mortgage for the 11.4m households who currently have mortgages now stands at ~ £108,819.
Britain's interest repayments on personal debt were £67.3bn in the last 12months. The average interest paid by each household on their total debt is approximately £2,669 each year. According to PwC the average household will need to spend approximately 15% of net income purely to service the interest payments arising from this debt.
Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,478 per average UK adult at the end of June 2010.
Today in the UK:
- The average household debt will decrease by - £0.32 today (it grew by £11.11 a day in January 2008)
- 391 people everyday of the year will be declared insolvent or bankrupt. This is equivalent to 1 person every 51 seconds during the working day.
- Citizen Advice Bureaus dealt with 9,562 new debt problems every day in England and Wales
- The average cost of raising a child from birth to the age of 21 is £26 a day.
- 1,000 people are seeking some form of formal debt rescheduling every working day.
- 230,137 unsolicited telephone calls made to UK consumers daily by debt management and personal loan companies
- In the last 12 months consumers saved an average of £2.76 every day
- 2,000 Consumer County Court Judgements (CCJs) were issued every day in the first 3 months of 2009
- 107 properties were repossessed every day during Q1 2010
- Unemployment increased by 252 people every day during 12 months to end May 2010.
- 1,753 people reported they had become redundant every day during 3 months to end May 2010.
-164 young people (18 - 24s) have become a NEET (not in education, employment or training) every day during the last 3 months.
- £354,500,000 is the amount that the Government Public Sector net debt (PSDN) will grow today (equivalent to £4,103 per second).
- £124,930,000 is the interest the Government has to pay each day on the UKs net debt of £927bn. This is estimated to rise to £182m a day in 2015-16.
- 203 mortgage possession claims will be issued and 158 mortgage possession orders will be made today
- 363 landlord possession claims will be issued and 238 landlord possession orders will be made today.
- The UK population is projected to grow by 1,178 people a day over the next decade
- 21.9m plastic card purchase transactions will be made today with a total value of £1.115bn.
- 8.2m cash withdrawals will be made today with a total value of £555m
NACFB members will have access to improved products from Santander Business Banking the National Association of Commercial Finance Brokers has announced.
Figures published today by the Insolvency Service show the number of personal insolvencies in England and Wales reaching 34,743 in the second quarter of 2010.
Specialist general insurance provider, Assurant Intermediary, urges intermediaries not to ignore the residential rental market as a potential source of business.
Enterprise Finance, the national secured loan and bridging finance master broker has announced the appointment of a new business development manager for the Northern region.
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