Forgive us Our Debts

Debt recovery in a secular world

The following statistics should send your mind into an incomprehensible whizz. Money Charity.org, has produced a list of staggering figures which highlight the amount of debt we as a nation have accrued over the last year. The figures are from Oct 2021. So sit down and prepare to be staggered. But first let us state our national gross debt at the end of March 2021 : £2,223,0 billion (gov.uk)

The average household debt including mortgages: £62,938.

Average adult credit card debt £1,081/person

Average adult debt £33,072

Credit card debt: £72.2 Billion

Household credit card debt: £2.058

In the addition, it would be well to take a look from these figures:

The population of the UK grew by an estimated 777 people a day between 2019 and 2020.

• On average, a UK household spends £4.33 a day on water, electricity and gas.

• 313 people a day were declared insolvent or bankrupt in England and Wales in August to October 2021. This was equivalent to one person every 4 minutes and 37 seconds.

• In Northern Ireland in October 2021, there were 3.3 insolvencies per day. In Scotland in the three months to September 2021 there were 20.8 insolvencies per day.

• Citizens Advice Bureaux in England and Wales dealt with 1,910 debt issues every day in the year to October 2021.

• 4.5 properties were repossessed every day in July to September 2021 in the UK, or one every 5 hours and 23 minutes.

• The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 1.8 a day in the year to September 2021.

• The number of people unemployed in the UK fell by 548 per day in the twelve months to September 2021.

• 1,130 people a day reported they had become redundant in July to September 2021.

• Net lending to individuals and housing associations in the UK grew by £182 million a day in September 2021.