Outstanding Consumer Credit lending was £215.2 billion at the end of September 2018, increasing by £929 million on last month. This is also up from £203.9 billion at the end of September 2017, and is an increase of £217.25 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,912 in September, up slightly from a revised £7,878 in August, and £415.96 extra per household over the year.
The average consumer credit borrowing stood at £4,132 per adult, 15.1% of average earnings. This is up from £4,114 last month.
Total credit card debt in September 2018 was £72.4 billion, £2,663 per household. A credit card on the average interest rate would take 26 years and 7 months to repay, making only minimum repayments each month. The minimum repayment in the first month would be £65 but would reduce each month. If £65 were paid every month, the debt would be cleared in 5 years and 4 months.
Figures From The Money Charity