Total UK personal debt at the end of January 2011 stood at £1,452bn. The twelvemonth growth rate remained unchanged at 0.7%. Individuals currently owe more than the entire country produced in the year between Q4 2009 and Q3 2010.
Total lending in January 2011 rose by £1.5bn; secured lending increased by £1.8bn in the month; consumer credit lending decreased by £0.3bn (total lending in Jan 2008 grew by £8.4bn).
Total secured lending on dwellings at the end of January 2011 stood at £1,240bn. The twelve-month growth rate remained unchanged at 0.7%.
Total consumer credit lending to individuals at the end of January 2011 was £212bn. The annual growth rate of consumer credit fell 0.3 percentage points to 0.8%.
UK banks and building societies wrote off £9.7bn of loans to individuals in the 4 quarters to end Q4 2010. In Q4 2010 they wrote off £2.27bn (£1.18m of that was credit card debt). This amounts to a write-off of £24.88m a day.
Average household debt in the UK is ~ £8,416 (excluding mortgages). This figure increases to £16,185 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 ~ £57,635 (including mortgages). If you add to this the March 2010 budget report figure for public sector net debt expected in 2015-16 (excluding financial interventions) then this figure rises to £109,857 per household.
Average owed by every UK adult is ~ £29,838 (including mortgages). This is 125% of average earnings. Average outstanding mortgage for the 11.4m households who currently have mortgages now stands at ~ £108,952.
Britain's interest repayments on personal debt were £65.3bn in the last 12 months. The average interest paid by each household on their total debt is approximately £2,593 each year.
Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,357 per average UK adult at the end of January 2011.
The Office for Budget Responsibility predicts that household debt will be £2,113bn by end 2015. This would take the average household debt to £83,849 per household.
