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Personal Debt Index - infographic
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UK Personal Debt Index Maps Personal Debt Across The UK

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debt
personal finance
credit
insolvency
credit card
property
debt support
personal debt


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Press Release

UK Personal Debt Index Maps Personal Debt Across The UK

Creditfix, the UK’s largest insolvency practice, compiles the UK Personal Debt Index (PDI). The quarterly report is put together following a survey of over 31,000 individuals, comparing the situation and locations of people across the UK currently receiving support to get out of debt.

  • The number of young people (20-25 years old) receiving help and support with personal debt has decreased to 2.5% of respondents in Quarter 4 2016.
  • The number of people undertaking an IVA/PTD who currently own their property has dropped from 10.5% to 8.5% - a fall of -2%.
  • The number of married people currently undertaking an IVA/PTD has fallen from 19.5% to 18.8% - a decrease of -0.7%, whereas the number of single people has risen from 52.8% to 54.2%, an increase of +1.4%.
  • Bristol has been highlighted as the UK city with the biggest increase in the number of people receiving help.
  • The average amount of unsecured debt of those surveyed was £14,648, an increase of +1.3% when compared to Quarter 3 2016.

The latest UK Personal Debt Index (PDI) has found that throughout Quarter 4 2016, the percentage of people who own their own home fell to 8.5% of respondents, compared to the previous quarter when it stood at 10.5%.

The PDI also tracks the level of people receiving support across the UK’s major cities. In Quarter 4 2016, Edinburgh experienced the biggest fall in the number of consumers accessing debt help of with a drop of -34.9%, whilst Bristol was identified as the city with the biggest quarter-on-quarter increase at +26.9%.

An increase in the average age of people receiving support has also been identified in the report, with the percentage of 20-25 year olds decreasing from 7.0% to 2.5% in Quarter 4 2016 compared to the previous quarter.

The PDI also tracks the number of married people receiving help with their personal finances. Compared to the previous quarter, the percentage of married individuals undertaking support decreased from 19.5% to 18.8% of the total surveyed, whilst the number of single people rose by +1.4%.

The PDI comes as the Insolvency Service released its insolvency statistics, announcing that the number of people who became insolvent in England and Wales in 2016 was 90,930. This was a 13.1% rise on 2015 (a statistically low year) but in line with consistently high figures since 2012.

“We compile the PDI each quarter to get a clear perspective of exactly who is seeking and receiving help with their personal finances, and where they live,” said Pearse Flynn, CEO of Creditfix.

“An increase in the number of people seeking help shouldn’t be instantly associated with being a negative thing. It could be a reflection of how many people are willing to open up and talk about their personal finance issues. Tackling problems such as debt head on is always the best course of action, as brushing them aside can often result in finances spiralling out of control.”

For debt advice and more information on Creditfix, visit http://www.creditfix.co.uk or call 0800 0431 431.

Notes to editors:

About Creditfix
Creditfix Limited is the largest Personal Insolvency Practice in the UK, servicing Scotland, England, Wales and Northern Ireland. Based in Glasgow, it has a team of over 100 with a wealth of insolvency expertise and experience, who are committed to preparing, supporting and closing debt arrangements while providing excellent customer service.

Using its Best Advice Model, Creditfix Limited helps tens of thousands of people get a handle on their finances each year by working with them to understand their position and discover the best solution for their situation. Whether through an IVA, Protected Trust Deed or another debt solution, Creditfix’s values of being dynamic, knowledgeable, professional, customer-focused and caring ensures the process is as smooth and stress-free as possible.

With a process of restructuring, refinancing and rehabilitating people’s monetary situations, Creditfix has dedicated, specialised teams to guide people through their journey to being debt free.

Data: Q4 2016 Q3 2016
Property
Owned 8.50% 10.50%
Rented 91.50% 89.50%
Marital status
Civil Partnership 0.05% 0.04%
Cohabiting 13.50% 13.50%
Divorced 5.50% 5.20%
Married 18.80% 19.50%
Separated 6.70% 7.10%
Single 54.20% 52.80%
Widowed 1.40% 1.70%
Debt was hidden from spouse 1.10% 0.70%
Salary
Average salary £14,172 £14,196
Unsecured debt
Total per person £14,648 £14,457
Age
20 – 25 2.50% 7.00%
26 – 35 35.70% 32.00%
36 – 45 30.70% 26.90%
46 – 55 20.40% 20.60%
56 – 65 7.50% 9.40%
66+ 3.30% 4.20%

City (Quarter 4 2016 v Quarter 3 2016)
Glasgow 18.90%
London 13.98%
Manchester 5.40%
Edinburgh -34.90%
Newcastle -12.90%
Leeds -5.80%
Sheffield -8.80%
Bristol 26.90%
Birmingham -6.25%
Cardiff 8.40%
Liverpool -5.80%
Nottingham 5.40%
Swansea 4.40%

Press enquiries
For press enquiries, contact Max Bevis / Claire Reynolds at Tank on 0115 958 9840 or max@tankpr.co.uk / claire@tankpr.co.uk