UK Debt: October 2021 statistics
October 31, 2021
Don’t let Black Friday push you further into the red
November 24, 2021
How exactly does the UK fare in terms of debt during the last three months? Let’s take a look at the December debt statistics which are released monthly by The Money Charity.
Snapshot of UK debt December 2021
- Inflation is set at 5.1% – a rise from 4.2% last month
- There has been an increase of 5.5p per litre of unleaded petrol in November 2021
- Average credit card debt per household stood at £2,085 in October 2021
- The average total debt per household is £62,965 in October 2021
- Total unsecured debt stands at £3,713 per adult in October 2021
UK Personal Debt
Remember that you can view the statistics from the first quarter of 2021 here in order to compare with the December debt statistics. November 2021 statistics can be found here.
- The UK population owed £1,749.9 billion at the end of October, which is an increase of £60.1 billion in the year or an extra £1,136 per adult
- The average total debt per household is £62,965 (including mortgages) and per adult is £33,086
- Borrowers paid £122 million per day in interest in October 2021
- On average, a UK household spends £4.33 per day on water, electricity and gas
- 1,054 people per day were made redundant from August to October 2021
- 1,940 debt issues were dealt with daily by the Citizens Advice Bureau
We reported last month that the outlook does not look too great in terms of living expenses. This is now becoming apparent in the data. The energy cap is due to be reviewed in quarter one next year and the Bank of England is looking to increase interest rates in response to the inflation rise. All this will add to the already high cost of living and continue to squeeze household budgets.
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.
