Wednesday, Apr 30, 2008
Latest summary of debt stats
Credit action: Debt Facts and Figures - Compiled 1st May 2008
Funny how they managed to compile this tomorrow and release it today.! Useful reference data, but they do make the mistake of quoting averages for debt that include the very large number of people who have no interest bearing debt at all. For those who have debt, the averages are very much higher...
Posted by uncle tom @ 10:37 AM (290 views) Add Comment
3 Comments
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1. uncle tom said...
I owe them an apology - although their striking numbers bit is a tad misleading, they are isolating the indebted from the debt free in the body of the text..
2. cornishman said...
Today in the UK:
• Consumers will borrow an additional £309m today
• Consumers will pay £257m in interest today
• The average household debt will increase by over £12.42 today
• 74 properties will be repossessed today
• 292 people today will be declared insolvent or bankrupt
• Approximately 18,000 credit card applications are being rejected every day.
• 2,750 County Court Judgements (CCJs) issued
• 4,000 fixed rate mortgages will come to an end today.
• 388 mortgage possession claims will be issued and 272 mortgage possession orders will be made today
• 404 landlord possession claims will be issued and 306 landlord possession orders will be made today.
• Citizen Advice Bureaus will deal with 6,600 debt problems today
• The average car will cost £15.42 to run today
• More than 7,716 loan repayments are going unpaid every day
• The average home will cost £30 today to run
• Raising a child to the age of 21 will now set you back £23.50 daily
• £526m will be withdrawn from cash machines today.
• 24.5m transactions worth £1.4bn will be spent on plastic cards today
• 1/3rd of all groceries we buy today will end up in the dustbin.
3. uncle tom said...
If two fifths (40%) have mortgages of more than £90,000, then 60% have mortgages of less than £90,000.
Of that 60% it is reasonable to assume that the average amount left to pay off is going to be somewhere close to half that amount - £45,000
This means that the 60% (7.08m) have a debt burden of about £319bn, leaving the 40% (4.72m) with a burden of £881bn - or an average of £187k each.
Now the 40% will tend to be in the more expensive houses. If you take the average of the Halifax and Nationwide indexes to produce an average house price of £185k, and, for arguments sake, assume that the 60% with the smaller mortgages have an average house value of £160k, then the average value of the houses with the larger mortgages is £222.5K.
This suggests an average current LTV of 84% for nearly 5 million home owners...