Cost of living crisis: How to save money on energy bills
February 28, 2023Spring Budget 2023: How will it affect you?
March 15, 2023
Fuel poverty is gripping the UK. The true effect of Winter is now taking its toll in energy cost rises. The Money Charity has released the debt statistics for February 2023.
Snapshot of UK debt February 2023
- Inflation rate is at 10.1%
- There has been a 4.4 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 which is yet another monthly increase
- The average total debt per household is £65,914 in November 2022
- Total unsecured debt stands at £3,914 per adult in December 2022
- 10% increase in the average first time buyer house price to the year to December 2022
UK Personal Debt
Remember that you can view the statistics from last month here in order to compare with the February 2023 debt statistics.
- 289 people per day were declared bankrupt or insolvent in England and Wales from November to January. This equates to one person every 4 minutes and 59 seconds
- Borrowers paid £153 million per day in interest in December 2022
- On average, a UK household spends £3.96 per day on water, electricity and gas which is a decrease from last month. Whilst it seems like good news, it is more probable that the decrease is due to consumers ensuring that their consumption is being reduced
- 1,076 people per day were made redundant from October to December
- Government debt increased by £397 million per day in the three months to December 2022
- The Citizens Advice Bureau dealt with 2,101 debt issues every day in the year to January 2023
Our post on energy saving tips may come in handy, however charities are calling for far more help for households because the situation is going beyond a crisis.
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.
