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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.

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