Here is a list of the average UK debt over the last 50 years:

  1. In the 1970s, the average UK household debt was relatively low, at around £2,000.
  2. By the 1980s, UK household debt had started to rise, with the average household owing around £4,000.
  3. In the 1990s, household debt continued to increase, with the average UK household owing around £9,000.
  4. The early 2000s saw a sharp increase in household debt, with the average UK household owing around £25,000 by 2008.
  5. Following the global financial crisis of 2008, household debt levels in the UK began to decline. By 2012, the average UK household debt had fallen to around £20,000.
  6. In the years following 2012, UK household debt continued to decrease, reaching an average of around £15,000 by 2018.It’s worth noting that these figures are based on averages and do not account for significant variations in debt levels between different households or demographic groups. Additionally, these figures do not include government debt or corporate debt, which can also have a significant impact on the overall debt levels in the UK.

It’s worth noting that these figures are based on averages and do not account for significant variations in debt levels between different households or demographic groups. Additionally, these figures do not include government debt or corporate debt, which can also have a significant impact on the overall debt levels in the UK.

Overall, the trend in the average UK debt over the last 50 years has been one of steady increase, with a sharp spike in the early 2000s followed by a decline in the years following the 2008 financial crisis. Today, debt remains a significant issue for many households in the UK, and there are ongoing efforts to address this through financial education and support programs.

As of 2021, the average UK debt per person is around £9,500, according to the latest statistics from the Bank of England. This figure includes all forms of borrowing, such as credit cards, personal loans, and mortgages.

The pandemic has had a significant impact on the UK economy, with many people experiencing job losses or reduced incomes, leading to a rise in household debt. However, even before the pandemic, UK debt levels were a cause for concern, with many households struggling to manage their debts.

Credit cards are one of the most common forms of debt in the UK, with the average credit card debt per person being around £2,600. This type of debt can be particularly problematic as it often comes with high-interest rates, which can make it difficult for people to pay off their debts.

Personal loans are another significant source of debt in the UK, with the average loan amount being around £8,400. While personal loans can be a useful way to finance large purchases or consolidate existing debts, they can also come with high-interest rates, making them expensive over the long term.

Mortgages are the largest form of debt for most people in the UK, with the average mortgage debt per household being around £138,000. While mortgages are often seen as a positive form of debt as they allow people to buy their own homes, they can still be a burden on households, particularly if interest rates rise or if the homeowner experiences financial difficulties.

Overall, while the average UK debt levels may seem high, it is important to remember that debt is not always a negative thing. Many people borrow money responsibly to finance important purchases or investments, and managing debt effectively can help people to build a positive credit history and achieve their financial goals. However, it is important to be aware of the risks associated with debt and to seek advice if you are struggling to manage your debts effectively.