UK Debt Statistics Outlook for October 2011

Total UK personal debt at the end of August 2011 stood at £1,451bn with the twelve-month growth rate remaining unchanged at 0.9% meaning that in the UK, individuals currently owe nearly as much as the entire country produced (GDP) in the nine months between Q2 2010 and Q1 2011.

UK banks and building societies wrote off £8bn of loans to individuals between Q2 2010 and Q2 2011 with a £2.06bn write off in Q2 2011 alone of which £1.15bn was credit card debt. The amounts of write-offs currently stand at £22.54m a day.

UK debt at a glance
•    334 people every day of the year will be declared insolvent or bankrupt. This is equivalent to 1 person every 59 seconds during a working day.

•    1,391 Consumer County Court Judgements (CCJs) were issued every day during Q2 2011 and the average judgement amount was £3,345.

•    Citizen Advice Bureaux dealt with 8,910 new debt problems every working day in England and Wales during the year ending June 2011.

•    The average cost of raising a child from birth to the age of 21 is £27.50 a day.

•    99 properties were repossessed every day during Q2 2011

•    140 new people became unemployed for more than 12 months every day during the 12 months to end July 2011

•    1,775 people reported they had become redundant every day during 3 months to end July 2011

•    £111,500,000 is the amount that the Government Public Sector Net Debt (PSDN), including financial interventions, will grow today (equivalent to £1,291 per second).

With the plans to tackle the Eurozone debt crisis looking to be either derailed or supported in the next 2-3 weeks, September and October are arguably set to be two tense and uncertain months.

If you are a UK business and wish to find out more about how our services such as Outsourced Credit Control, Debt Recovery and Debtor Tracing can help you get in touch for a no obligation discussion, or submit details of a commercial debt you wish chase, via our Client Instruction page.

Liverpool Debt Recovery firm CCDR (Corporate Credit Debt Recovery Ltd) are a leading UK Debt Recovery specialist with international reach and a results tally to match.

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