Average Household Debt in the UK 2024
According to a NimbleFins analysis of data from the Bank of England, the average UK household consumer debt (e.g. personal loans and credit cards) has reached £7,820 in 2024—plus households owe another £8,560 in student loans and those with a mortgage owe another £193,790 on average on their homes. In this article, NimbleFins data experts break down data from the Office of National Statistics and the Bank of England to identify trends in debt levels and understand how debt levels change across different demographics like age and gender.
| UK Household Debt: Key Findings 2024 | |
|---|---|
| Average household credit card balances | £2,440 |
| Average student loans per household | £8,580 |
| Average personal loans, etc. per household | £5,381 |
| Average mortgage debt per household of households with a mortgage | £193,790 |
Average Household Debt by Category
As of March 2023, average total UK household debt excluding mortgages was around £15,501—an increase of 79% over ten years. Credit card debt is up 6.5% in the ten years to 2024, having reached an all-time high of £2,662 per household five years ago. To calculate these measures, we analyzed debt data from the Bank of England and population data from the Office for National Statistics (ONS) for the most reliable measure of consumer indebtedness in the country.
| Average Household Debt UK | Mortgage (households with a mortgage) | Personal loans, car loans, etc. | Student loans | Credit card balances |
|---|---|---|---|---|
| 2014 | £152,460 | £3,929 | £2,488 | £2,179 |
| 2015 | £154,781 | £4,169 | £2,896 | £2,291 |
| 2016 | £167,078 | £4,481 | £3,375 | £2,406 |
| 2017 | £174,579 | £4,885 | £3,908 | £2,520 |
| 2018 | £170,233 | £5,198 | £4,481 | £2,600 |
| 2019 | £175,061 | £5,393 | £5,129 | £2,606 |
| 2020 | £178,614 | £5,275 | £5,868 | £2,287 |
| 2021 | £182,440 | £5,017 | £6,607 | £2,029 |
| 2022 | £192,026 | £5,027 | £7,410 | £2,173 |
| 2023 | £193,602 | £5,254 | £7,944 | £2,346 |
| 2024 | £193,790 | £5,381 | £8,580 | £2,440 |
Most of a UK household's debt is home loans—if they have a mortgage. The average UK mortgage debt per household is now £193,790, of households with a mortgage.
Of non-mortgage lending, 15% of lending is in the form of credit card balances (£2,440 average), 52% is student loans (£8,580 average) and 33% are other personal loans (£5,381 average). Below, you can see how debt levels continue to rise for UK households—we've analysed debt levels including mortgages, and also debt levels without mortgages.
Average Mortgage
The average home loan per household, of the households that have a mortgage, is now £193,790—an increase of 25% in ten years. According to the ONS, 29% of households now carry a mortgage.
| Outstanding Mortgage for UK Households with a Home Loan | |
|---|---|
| 2014 | £152,460 |
| 2015 | £154,781 |
| 2016 | £167,078 |
| 2017 | £174,579 |
| 2018 | £170,233 |
| 2019 | £175,061 |
| 2020 | £178,614 |
| 2021 | £182,440 |
| 2022 | £192,026 |
| 2023 | £193,602 |
| 2024 | £193,790 |
Average Personal Loans
The average personal loans per household in the UK was roughly £5,381 as of March 2024 excluding student loans (or £13,961 including student loans). This figure includes loans like personal installment loans, home renovation loans, and auto loans—but not credit card lending. Somewhat like credit cards, personal loans have been a popular way of financing one's needs in recent years. As you can see in the chart below, there's been a rapid rise in education loans over the past ten years—nearly a 4-fold increase.
Average Credit Card Debt
Credit card lending is rising again, but still remains below the highs seen 5 years ago. Now credit card debt of UK households is approximately £2,440 according to NimbleFins analysis of the most recent data from the Bank of England and the Office for National Statistics through March 2024. The "mean amount of credit card debt" considers balances that individuals above the age of 18 have on average, throughout the year. Credit card balances left on credit builder cards can be especially problematic due to higher interest rates.
| Average Credit Card Debt per Household | |
|---|---|
| 2015 | £2,291 |
| 2016 | £2,406 |
| 2017 | £2,520 |
| 2018 | £2,600 |
| 2019 | £2,606 |
| 2020 | £2,287 |
| 2021 | £2,029 |
| 2022 | £2,173 |
| 2023 | £2,346 |
| 2024 | £2,440 |
Average Debt across Demographics
Average debt can vary significantly across different demographics in the UK, for instance by income, age, and gender. We have analyzed some of the debt data from the most recent Wealth and Assets Survey and other datasets from the Office for National Statistics (ONS) so you can see trends and differences across these segments. For the purposes of this analysis, "average debt" refers to unsecured financial liabilities like credit card debt and personal loans, and does not include secured debt, e.g., mortgages. In the following sections we explore these differences to see how average debt varies among the population.
Average Debt by Income
The greater the household income, the higher the outstanding debt. Individuals in the highest annual income decile (above the 90th percentile), had a median of £9,000 in financial liabilities debt—over 7X as much as households making the least. Similarly, those with higher incomes are able to afford a larger mortgage.
| Income Decile | Income (lower bound) | Median Financial Liabilities (excl. mortgage) | Median Mortgage Debt |
|---|---|---|---|
| 1 | £- | £1,300 | £60,000 |
| 2 | £11,648 | £2,100 | £67,000 |
| 3 | £16,692 | £2,900 | £65,000 |
| 4 | £21,476 | £2,900 | £77,000 |
| 5 | £26,520 | £5,000 | £80,000 |
| 6 | £32,448 | £5,600 | £95,000 |
| 7 | £39,000 | £5,800 | £100,000 |
| 8 | £46,384 | £7,400 | £100,000 |
| 9 | £55,328 | £7,700 | £122,000 |
| 10 | £72,072 | £9,000 | £170,000 |
Note: median values only include households that have a mortgage or other financial liabilities |<<<|<<<
Average Debt by Age
Note: this section refers to individual debt, not household debt.
Median financial debt levels (excluding mortgages) peak for individuals where the person is between 25 and 34 years old—this age group has a median non-mortgage debt level of £5,000, which means half of people in that age bracket have at least £5,000 of financial debt, and the other half has less than £5,000 of financial debt.
Households over 65 years old held the least debt, as you can see below. Notice how much more debt the 25 to 34 age bracket owes than average (55% more) and how little debt the over 65 age bracket owes relative to the average (51% less).
| Financial Debt by Age | Median |
|---|---|
| 16 - 24 | £4,000 |
| 25 - 34 | £5,000 |
| 35 - 44 | £3,500 |
| 45 - 54 | £2,800 |
| 55 - 64 | £2,500 |
| 65+ | £1,600 |
To the extent that your spending outpaces your income, it can help to find ways to save money on common budget busters. For example, see our tips to reduce spending on Christmas, save money on takeaways, etc.
If you find yourself struggling to pay back your outstanding debt, you may want to get free debt advice from organizations including the National Debtline, Citizens Advice Bureau and StepChange Debt Charity.