UK striking debt numbers issued March 2010

Top 10 Striking Numbers    9,500 - Number of new debt problems dealt with by CAB each day (up 200 per day on February 2010) £58,040 - average household debt (up £103 on February 2010) £187m - personal interest paid in UK daily (up 6m on February 2010) every 11.2 - minutes a property is repossessed (down .2 on February 2010) 1,995 - people made redundant every day (down 154 on February 29010) 1000 - people seek some form of formal debt rescheduling plan every day £4,316 - a second increase in Government national debt  £54.5 bn - total credit card debt in December 2009 17.79 % - the average interest rate on credit card lending which is 17.29% above base rate (0.5%) 71.3m - credit and charge cards in the UK compared with around 60 million people in the country  Today in the UK The average household debt will increase by £0.43 today (it grew by £11.11 a day in January 2008) 390 people today will be declared insolvent or bankrupt. This is equivalent to 1 person every 3.69 minutes 1,000 people are seeking some form of formal debt rescheduling every working day. 230,137 unsolicited telephone calls made to UK consumers daily by debt management and personal loan companies In the last 12 months consumers saved an average of £2.76 every day 2,000 Consumer County Court Judgements (CCJs) were issued every day in the first 3 months of 2009 126 properties were repossessed every day during 2009.  Unemployment increased by 1,227 people every day during 12 months to end December 2009. 1,841 people reported they had become redundant every day during 3 months to end December 2009. 167 young people (18 – 24s) have become a NEET (not in education, employment or training) every day during the past 12 months.  £385m is the amount that the Government Public Sector net debt (PSDN) will grow today (equivalent to £4,455 per second). £81,530,000 is the interest the Government has to pay each day on the UKs net debt of £848.5.0bn. This is projected to rise to £121.6m a day (£44.4bn) in 2010 – 2011 financial year. 219 mortgage possession claims will be issued and 185 mortgage possession orders will be made today 363 landlord possession claims will be issued and 244 landlord possession orders will be made today. The UK population is projected to grow by 1,100 people a day over the next decade 8.1m cash withdrawals will be made today with a total value of £530m The average car will cost £15.13 to run today  Savings Research from Abbey Savings reveal that over one in four (28%) British parents with young children have no savings or investments to use in times of difficulty Abbey Savings also reveal that four out of 10 Britons still save nothing at all 31% of savers don’t think they have enough money to cope in an emergency. In real figures, this equates to over 15 million people Plastic card & Personal Loans 21.9m plastic card purchase transactions will be made today with a total value of £1.05bn. 8.1m cash withdrawals will be made today with a total value of £530m. Shelter estimate that more than one million householders have used credit cards to pay their mortgage or rent in the last 12 months. 768,000 (47.5%) applications for consumer credit were rejected by the major UK lenders in July. According to the BBA the proportion of credit card balances bearing interest was 73.6% in July 2009. Total credit card debt in January 2010 was £61.4bn. The UK collective credit limit on credit cards is £158bn, which is an average credit card limit of £5,129 per person. The average interest rate on credit card lending is currently 18.38%, which is 17.88% above base rate (0.5%). There are more credit cards in the UK than people according to APACS. At the end of 2008 there were 71.3m credit and charge cards in the UK compared with around 60 million people in the country. Young people - the IPOD generation (under 30) The proportion of 18-24 year olds not in education, employment or training (NEET) increased by 113,000 in the last 12 months to end Q3 2009 and now stands at 933,000 (19.7%). The proportion of 16-18 year olds not in education, employment or training (NEET) stood at 261,000 (13.4%) at the end of Q3 2009. The total of 16 – 24 classed as NEETS now stands at 1.082m which is the highest on record. AXA estimate that a fifth of 18-24 year-olds drink alcohol to take their mind off their financial concerns. The unemployment rate for 18 to 24 year olds increased by 24,000 (3.3%) on the quarter and 165,000 (28.5%) in the last 12 months to reach 746,000. This means that 18.0% of all 18 to 24 year olds are unemployed which is the highest figure since records for this series began in 1992. 325,000 (43.6%) have been unemployed for longer than 6 months. Research from Sainsbury’s Finance highlights that over half of undergraduate students (53%) in the UK are to be given financial assistance by their parents to see them through the financial burden of university.  The average amount of parental financial support given to undergraduates is £8,070 per student during their university life.  The UK's largest survey of student finance, published by Push.co.uk, reveals that students who started at university last year can expect to owe nearly £21,200 by the time they leave and new students should reckon on at least £2,000 more than that. Source: creditaction.org.uk  Continue reading...

Tue 16/02/2010
How inflation affects your spending power and wage negotiations.

How inflation affects your spending power and wage negotiations.

Thu 11/02/2010
House repossession figures 2009 are misleading..

House repossessions hit 14 year high, but should they be higher?

Wed 03/02/2010
UK striking debt numbers issued February 2010

UK striking numbers, debt statistics issued February 2010

Wed 20/01/2010
Start supporting the unemployed

So we never made the 3 million mark of unemployed by the end of the year, as predicted by many analysts, that said my real concern is how these individuals that become unemployed will motivate themselves into getting back to work.

08/01/2010 December interest rate decision & Quantitative Easing explained

05/01/2010 UK debt numbers for December 2009

21/12/2009 Debt charities under threat

15/12/2009 Inflation for November 2009 explained

01/12/2009 UK debt numbers for November 2009

17/11/2009 Inflation for October 2009 explained

13/11/2009 Debtwizard challenges the house repossession figures

11/11/2009 Spare a thought for the unemployed

06/11/2009 Personal insolvencies rise to record levels

02/11/2009 UK debt numbers for October 2009

30/09/2009 UK debt numbers for September 2009

15/09/2009 Inflation for August 2009 explained