Don’t let Black Friday push you further into the red
November 24, 2021
Avoid overspending at Christmas with these tips
December 15, 2021
The Money Charity have released the UK debt statistics for November and the trend does not look too great, especially if it continues this way over the next few months.
Snapshot of UK debt November 2021
- 11.3% increase in the average first time buyer house price in the year to September 2021, which is an increase from 9.9%
- There has been an increase of 6.2p per litre of unleaded petrol last month
- Average credit card debt per household stood at £2,058 in September
- Total unsecured debt stands at £3,741 per adult in September 2021
- Average total debt per UK household is £62,938 in September 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 November debt statistics. October 2021 statistics can be found here.
- The UK population owed £1,749.2 billion at the end of September, which is an increase of £63.7 billion in the year or an extra £1,204 per adult
- The average total debt per household is £62,938 and per adult is £33,072
- On average, a UK household spends £4.33 per day on water, electricity and gas
- 313 people per day were declared insolvent or made bankrupt in England and Wales in August to October 2021 which amounts to one person every 4 minutes and 37 seconds
- 1,130 people per day were made redundant from July to September 2021
- 30.8 mortgage possession claims were made daily in England and Wales in July to September 2021
- 111 landlord possession claims and 60.9 landlord possession orders were made daily
- 1,912 debt issues were dealt with daily by the Citizens Advice Bureau
We have been expecting this downward trend for a few months and it seems to be making itself apparent now. Inflation is rising above predicted figures (currently 4.2%) which further squeezes household incomes, at a time when life is becoming more expensive anyway. The next few months will be difficult on the pockets, especially when April and its expected price rises in certain sectors comes around.
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.
