Want to know the true story of debt in the UK? Well, here's a few stats and facts:
Just to emphasise a few of these numbers:
- Total personal debt in the UK is running at £1.45 trillion (that's £1,454,000,000,000)
- Individuals owe more in personal debt than the country's annual output
- As a country we owe more in personal debt than we produce in economic output as a whole.
- The average UK household debt is £57,706
- The average UK adult on a debt management plan (e.g. seriously in schtuk) owes £29,875
- The average UK adult on a debt management plan has unsecured debts of £17,857, with 19% owing more than £30,000
- The average household pays over £2,582 in interest every year
- 46% of personal debt is on Credit Cards
- 372 people a day are declared insolvent or bankrupt, or one person every four minutes
- There are 7.9 million cash withdrawals every day, with a value of £530 million
- £2.73 is saved by the average person every day
Thanks to Money, Debt and Credit for this infographic and stats information on the true story of UK debt.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
