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How exactly does the UK fare in terms of debt during the last three months? Let’s take a look at the September debt statistics which are released monthly by The Money Charity.
Snapshot of UK debt September 2021
- 406,000 18-24 year olds were unemployed in the three months to July 2021 which has not changed much
- 7.7% increase in the average first time buyer house price in the year to July 2021
- Private rental prices increased by 1.3% in the year to August 2021
- Average credit card debt per household stood at £2,030 which has increased from July
- Total unsecured debt stands at £3,734 per adult in July 2021
- Average total debt per UK household is £62,670 in July this year
UK Personal Debt
Remember that you can view the statistics from the first quarter of 2021 here in order to compare with the September debt statistics. August 2021 statistics can be found here.
- The UK population owed £1,741.7 billion at the end of July, which is an increase of £62.9 billion in the year or an extra £1,189 per adult
- The average total debt per household is £62,670 and per adult is £32,931
- On average, a UK household spends £4.33 per day on water, electricity and gas
- 305 people per day were declared insolvent or made bankrupt in England and Wales in June to August 2021 which amounts to one person every 4 minutes and 43 seconds which is an increase from the first quarter
- 1,022 people per day were made redundant from May to July 2021
- UK mortgages moving into arrears of over 2.5% of the remaining balance rose by 4 per day
- 27.5 mortgage possession claims were made daily in England and Wales in May to July 2021
- 77 landlord possession claims and 49.5 landlord possession orders were made daily
- UK unemployment rose to 222 people per day in the last twelve months to July 2021
There is not a huge amount of difference in the September statistics from the August statistics but we are expecting a shift. Government business schemes such as furlough and the SEISS will end on 30th September which could greatly impact personal debt and the unemployment figures. Add into the mix that gas prices have reached an all time high, which is having a knock on effect at the pumps and we are seeing many energy suppliers go bust with their customers being placed on higher tariffs with different providers. This all adds to the already high cost of living.
If the past year has had a negative impact on your financial situation, feel free to call us for a discussion on what debt solutions could be available to suit your personal situation.
