If the past year has had a negative impact on your financial situation, or you are facing increasing debt costs over the next few months, feel free to call us for a discussion on what debt solutions could be available to suit your personal situation.
UK Debt: December 2022 statistics
December 29, 2022Cost of living crisis: How to save money on energy bills
February 28, 2023
Amidst the worsening financial landscape that is hitting the general population’s pockets, The Money Charity has released the debt statistics for January 2023.
Snapshot of UK debt January 2023
- Inflation is at 10.5%
- There has been a 11.5 pence per litre decrease in the price of unleaded petrol during December 2022
- Average credit card debt per household stood at £2,290 in November 2022
- The average total debt per household is £65,914 in November 2022
- Total unsecured debt stands at £3,913 per adult in November 2022
- 10.3% increase in the average first time buyer house price to the year to November 2022
- It takes 18 years on average to save for a first time buyer house deposit, saving at the average rate out of the average UK income
UK Personal Debt
Remember that you can view the statistics from last month here in order to compare with the January 2023 debt statistics.
- 319 people per day were declared bankrupt or insolvent in England and Wales from October to December. This equates to one person every 4 minutes and 31 seconds
- Borrowers paid £147 million per day in interest in November 2022
- 1,066 people per day were made redundant from September to November
- Government debt increased by £657 million per day in the three months to December 2022
- The Citizens Advice Bureau dealt with 2,120 debt issues every day in the year to December 2022
The only way that you can really get a sense of how the debt landscape is escalating, is to look back to the statistics from a quarter ago. Debt is increasing. Prices may be starting to fall at the fuel pumps and with wholesale gas prices, however this is doing little to offset increasing interest rates elsewhere.
Mortgage rates have risen in line with the increasing interest base rate, placing more pressure on homeowners. It is estimated that 1.4 million UK households will be facing increased mortgage rates when their fixed rates run out this year, with many being unable to meet the repayments. It has also been reported that 45% of UK adults surveyed in December 2022, were said to be incredibly worried about the upcoming changes.
