Average debt

Mrjuls33

What is the average non mortgage debt for a adult ie credit card on loan debt

sourcrates

Mrjuls33 wrote: »

What is the average non mortgage debt for a adult ie credit card on loan debt

Figures are from 2016/17.


Outstanding consumer credit lending was £205.8 billion at the end of November 2017.
This is up from £192.19 billion at the end of November 2016, and is an increase of £259.24 for every adult in the UK.

Per household, that’s an average consumer credit debt of £7,565 in November, up from a revised £7,541 in October – and £493.38 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,975 per UK adult.

This is up from a revised £3,962 in October.


source....The Money Charity

poppy10_2

sourcrates wrote: »

Per household, that’s an average consumer credit debt of £7,565 in November, up from a revised £7,541 in October – and £493.38 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,975 per UK adult.

Having said that, the average savings per person in 2015 was £10,200 according to Scottish Widows.
Can be a danger in assuming everyone else is in debt. It's not the norm

LandyAndy

sourcrates wrote: »

Figures are from 2016/17.


Outstanding consumer credit lending was £205.8 billion at the end of November 2017.
This is up from £192.19 billion at the end of November 2016, and is an increase of £259.24 for every adult in the UK.

Per household, that’s an average consumer credit debt of £7,565 in November, up from a revised £7,541 in October – and £493.38 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,975 per UK adult.

This is up from a revised £3,962 in October.


source....The Money Charity

These are real bikini statistics.

What they reveal is interesting but what they conceal is vital.

Indout96

Please don't be using the average debt to justify your own position. The average figures quoted are totally incorrect as they divide the debt by the number of people rather than the number of debtors.
Even if they were worked correctly they would still not mean anything in relation to your debt. If a millionaire owed £10k I am sure it would be less of a problem than someone on minimum wage
lies damned lies and statistics springs to mind.

FTBuyerGlasgow

My debt is about 25% of my gross annual salary not including my bonus.

Of that 25% half is the loan for my car which I need to get to work. I also don't view this as debt so much as I have an asset there (albeit a depreciating asset) that I could sell to pay off that loan.

I am therefore about 12.5% of my annual salary in debt, I am just after a huge wedding, paid for with savings so view myself as quite fortunate.

I'll pay the 12.5% non-car debt off by September 2019 latest (earlier if I get a bonus), then make overpayments to clear the car loan off.

I think anything up to 100% of gross annual salary could be classed as "normal" in this age of consumer debt.

suki1964

It scares me that people think in terms of normal debt

FTBuyerGlasgow

suki1964 wrote: »

It scares me that people think in terms of normal debt

It scares me that people think the world is flat but there you go.