Debt can have a significant impact on people’s daily lives. With the ongoing economic uncertainty surrounding the cost of living crisis, many people are looking at consolidating their debt, whether through personal loans, balance transfer credit cards or remortgaging, and lowering the interest they’re paying. We explore the latest personal debt statistics in the UK.
Debt statistics UK: Highlights
The average debt per person in the UK is estimated to be £34,737 as of November 2023, more than 100% of average yearly earnings in the UK.
The average credit card debt per person in the UK is £1,295 as of November 2023.
The average credit card debt per household in 2023 is £2,452, the highest in 4 years.
The average total household debt in the UK is £65,795 as of November 2023.
The annual interest accumulated on debt has increased by 59% between November 2021 and November 2023, going from an average of £841 to £1,341 per person.
The Citizens Advice Bureau helped 46,690 people with debt in November 2023.
22% of those sought advice for energy debt and 20% sought help with council tax arrears.
What is the average debt per person in the UK?
The average debt per person in the UK is £34,737 as of November 2023, which has risen by £2,797 since November 2020. This debt is equivalent to 100.5% of the average UK yearly earnings. The average debt for a household in the same period is recorded as £65,795.
The average credit card debt per person is £1,295 as of November 2023, the highest since November 2019. This has increased by 7.65% year-on-year. For a UK household, the average credit card debt totals £2,452.
Month
Average credit card debt per person
Average credit card debt per household
November 2023
£1,295
£2,452
November 2022
£1,203
£2,290
November 2021
£1,099
£2,118
November 2020
£1,122
£2,133
November 2019
£1,367
£2,591
What is the total personal debt in the UK?
Total personal debt in the UK reached £1.85 trillion in November 2023, and this number has been growing steadily over time. The debt owed in the UK has increased by around 11% since November 2019, up from a total of £1.67 billion.
The total credit card debt in the UK was £68.9 billion in November 2023, growing by £5.3 billion from November 2022. The total credit card debt owed in the UK has fluctuated over time, but is lower than November 2019, when UK residents owed a total of £72.1 billion in credit card debt.
What is the average interest paid on debt in the UK?
As of November 2023, the average Brit accumulated £1,341 in interest over a year. This has increased by 59% since November 2021, when the average annual interest was just £841, showing the impact of rising interest rates.
Indeed, the UK as a whole accumulated £71.3 billion in interest annually as of November 2023, compared to £44.5 billion in November 2021.
How many people are insolvent or bankrupt?
In the period between August and October 2023, 279 were declared insolvent or bankrupt each day in England and Wales. This is the equivalent of one person every 5 minutes and 9 seconds. Meanwhile, in Northern Ireland, there were 4 insolvencies per day and, in Scotland, there were 22.3 insolvencies per day.
How many people are in debt in the UK?
The Citizens Advice Bureau helped 46,690 people with debt in November 2023. This is the highest number seeking advice since 2018 and the numbers have increased since May 2020 after dipping during the coronavirus pandemic, likely due to more limited access to services.
What are the most common types of debt?
Among those seeking debt advice from the Citizens Advice Bureau, the most common source of debt was energy bills in November 2023, with 22% needing help with this. This was followed by council tax arrears, as 20% sought advice in this area.
Other common reasons for seeking debt advice include rent arrears (14%), credit card debt (11%), water debt (9%) and mortgage debt (2%).
Emily Herring is a Publisher at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has recently joined the Investments team. She has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media. See full bio
Emily's expertise
Emily has written 133 Finder guides across topics including:
In this handy guide we walk you through all the essentials you need to know before getting a loan with 1+1 loans including key features, eligibility and how to apply.
If you have a personal loan and you want to make overpayments or simply pay it off in full ahead of time, you’re protected by the Consumer Credit Act. Here’s what you need to know.
If you’re a retiree and looking for a loan, there are lenders who may approve your application. Learn more about the loan types available to retired people.
Creation Financial Services offers fixed-rate personal loans of £1,000-£25,000 over 1-5 years with no hidden fees. Find out all the key features of these loans and compare live rates in our in-depth review.
Whether you’re planning on some home improvements, replacing your car or simply getting your finances in order, Sainsbury’s offers fixed rate personal loans of up to £25,000 to Nectar card holders. Fast, easy comparison with a range of lenders.
Compare HSBC fixed-rate personal loans against products from a range of UK lenders. Apply online and secure a competitive rate.
Feedback
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
