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Commercial Credit News
|December's Money Statistics from The Money Charity|
|Tuesday, 01 December 2015|
72,000: Fewer 18-24 year olds were unemployed in Q3 than in Q2
1,206: People reported becoming redundant every day in Q3
£54: The cost of filling a 50 litre petrol tank – a six year low
0.5%: The rate of growth in the UK economy in Q3 2015
4.7%: The average proportion of their post-tax income, including benefits, UK households save. The lowest since Q3 2008
80 months: The period of time interest rates have been at 0.5%
0.1%: The rate of inflation in October
552 million: The credit card debt written off by banks and building societies in Q3
583,000: The number of new inquiries made at Citizens Advice Bureaux across the UK in Q3
Everyday in the UK
2,330 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,171.
9m cash machine transactions were made every day in October with a value of £361 million.
54 mortgage possession claims and 37 mortgage possession orders are made every day.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 56 a day.
Citizens Advice Bureau in England and Wales dealt with 4,097 new debt problems every day during the quarter ending September 2015.
The Government borrowed £273 million a day during October 2015 (£3,164 per second).
Personal debt in the UK
People in the UK owed £1.456 trillion at the end of October 2015. This is up from £1.42 trillion at the end of October 2014 – an extra £7-6.71 per UK adult.
The average total debt per adult – including mortgages – was £28,826 in October - around 113.1% of average earnings. This is up from a revised £28,739 in September.
Total credit card debt in October 2015 was £62.8. Per household this is £2,324 – for a credit card bearing the average interest, it would take 25 years and 5 months to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £56 but reduces each month. If you paid £56 every month, the debt would be cleared in around 5 years and 5 months.
Mortgages, rent and housing
Outstanding mortgage lending stood at £1.275 trillion at the end of September.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £115,137 in September.
For new loans, the average Mortgage Interest rate was 2.57%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £3,915 in interest over the year.
According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in August was 16% (around £28,971) - 114% of an average salary.
Savings and pensions
In Q2 2015, households saved an average of 4.7% of their post-tax income.
If someone on the average salary saved 4.7% of their income in an average instant access savings account for a year, they would receive £3.74 in interest after tax.
If they saved it in an average cash ISA, they would receive £9.23.
Around 9.61m (36%) households have no savings, while a further 3.47m (13%) have under £1,500. 71% have less than £10,000 in savings.
The Pensions Regulator estimates that at least 5.576 million employees had joined a pension scheme under auto-enrollment by the end of October 2015.
Spending and loans
In Q2 2015, households in the UK spent £89.11m a day on water, electricity and gas – or £3.34 per household per day.
In November 2015 it cost £54 to fill a 50 litre unleaded tank.
The average interest rate on credit card lending was 17.98% in October. This is 17.48% above the Bank of England Base Rate (0.5%).
LV’s ‘Cost of a Child’ report estimates that parents now spend a record £229,251 on raising a child to their 21st birthday - £29.91
This is up 0.9% compared to last year, and has increased 63.3% since the study first began in 2003.
Education and childcare are the main areas of expenditure, costing £74,319 and £67,586.
The cost of education (including uniforms, after-school clubs and university costs) has increased 128% since 2003, while the cost of childcare has risen by 70.6%.
Parents now spend 29% of their annual income on raising a child.
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