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UK Consumer Debt Numbers December 2018 - Our top 10

Friday, 21st December 2018

December 2018 striking numbers - our top 10 from The Money Charity

  1. 18.5% Average credit card interest rate in October 2018
  2. £59,288 Average total debt per UK household in October 2018, inc mortgages
  3. On average, a UK household spends £4.00 a day on water, electricity and gas
  4. -4.8% is the change in the average real wage since pre-crash peak in February 2008
  5. 3,001 Consumer County Court Judgements (CCJs) were issued every day in Q3 2018, (average value of £1,337)
  6. £22.95 is the average cost per day for a couple to raise a child from birth to the age of 18. £28.48 for lone parent
  7. In Q3 2018 lenders wrote off £1.094 billion (£471 million was credit card debt) amounting to a daily write-off of £5.1 million.)
  8. 273 people a day were declared insolvent or bankrupt in July to September 2018. This equates to one person every 5 minutes and 16 seconds
  9. £1.613 trillion is what people in the UK owed at the end of October 2018. This is up from £1.564 trillion at the end of October 2017, an extra £928.44 per UK adult and £142.69 higher than the previous month
  10. Total credit card debt in October 2018 was £72.6bn. Per household this is £2,668 – for a credit card bearing the average interest, it would take 26 years and 6 months to repay if you made only the minimum repayment each month. The minimum repayment in the first month would be £64 but reduces each month. If you paid £64 every month, the debt would be cleared in around 5 years and 4 months.

DebtWizard comment

Mike Thomas, founder of DebtWizard.com, said "The stand out debt number for me is one of the most common forms of debt, the dreaded credit card, see 10. I cannot emphasize enough how important it is NOT to just make the minimum payment on your credit card debt. Just look at how much you pay back (see 10), basically its an additional £2.50 in interest on top of every one pound borrowed! Think about it, a £3,000 credit card debt, when only making minimum payments, means you can end up paying back around £10,500."

"Consumers with credit card debt need to get control of the situation, you can consider refinancing the credit card debt with a cheaper interest rate or seriously increase your monthly payments. O% interest rate balance transfer may be an option but they can have their pitfalls if the card holder continues to spend on the card. If the card holder is unable to increase the monthly payments or reduce their debt then perhaps it's time to get that all important debt advice."

Help and advice for credit card debt – Five top tips

With so much debt on credit cards it must come of no surprise that some of us will experience problems repaying them. Redundancy, illness, separation of a relationship or even an unexpected bill can put a strain on our finances, but help is at hand if that credit card debt is getting out of control with our five top tips.

What is best for you depends on your circumstances and the ability to pay so if the answer is not in this guide, don’t panic, speak to us as we may be able to find other debt solutions to help you best manage your debt. You will be surprised at how many there are and how they might just work for you.

Take me to the 5 top tips on reducing credit card debt

Where to get 'not for profit and free debt advice

If you need more information on how to best manage your debts then look at our list of the 'not for profit and free' free debt help / advice agencies, they will not charge you fees for debt options.

Statistics supplied by The Money Charity

The Money Charity is the UK’s financial capability (financial education) charity. Their vision is that everyone has the ability to be on top of their money as a part of everyday life. They empower people across the UK to build the skills, knowledge, attitudes and behaviours to make the most of their money throughout their lives.

You can view the full list of December 2018 Money statistics here The Money Charity - Full list




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