Average Gambling Debt Uk

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Amount Owed:

Average

This is an average of £2,643 per household. This means at the average credit card interest rate it would take 26 years and 6 months to repay if you made the minimum repayments each month. Debts Written Off By Banks. UK banks and buiding societies wrote off £471 MILLION of loans and credit card debt to individuals in quarter 4 of 2016. Gambling & Betting Activities in the UK industry outlook (2020-2025) poll Average industry growth 2015-2020: x.x lock Purchase this report or a membership to unlock the average company profit margin for this industry.

People in the UK owed £1.616 TRILLION at the end of November 2018. This figure is up from £1.569 TRILLION at the end of November 2017 – an extra £898.71 per UK adult.

Average Borrowing:

The average total debt per household – including mortgages – was £58,948 in November.

That's an average debt per adult of £30,832 – which is about 112% of average earnings.

Consumer Credit Levels

Outstanding consumer credit lending was £215.4 BILLION at the end of November 2018.

This is up from £206.2 BILLION at the end of November 2017, and is an increase of £174.80 for every adult in UK.

This means average consumer credit borrowing per UK adult is now £4,108

Credit Card Borrowing

Total credit card debt in November 2018 was £72.5 BILLION. This is an average of £2,643 per household

This means at the average credit card interest rate it would take 26 years and 6 months to repay if you made the minimum repayments each month.

Debts Written Off By Banks

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UK banks and buiding societies wrote off £471 MILLION of loans and credit card debt to individuals in quarter 4 of 2016. That's roughly £5.1 MILLION a day.

CCJ's

3,001 consumer County Court Judgments (CCJS) are issued every day, with an average value of £1,337.

Number Of Personal Insolvencies

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273 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 MINUTES 16 SECONDS.

Gambling

Previous UK personal debt statistics from the Money Charity can be found here:

Bankruptcy Advice

Average Gambling Debt Uk

Making yourself bankrupt is a big step to take and requires expert debt advice.

If you haven't already received advice from us and are considering how to go bankrupt, you can use our online bankruptcy test tool, which will provide you with a a free assessment of whether you qualify for bankruptcy and what impact it will have on your current situation. We'll also send you our 'Free Guide to Bankruptcy' by email.

Or, if you’d prefer to speak to us, call our FREE Bankruptcy Helpline on 0800 368 8231 (freephone, including all mobiles).

Bankruptcy Alternatives

Bankruptcy can be an effective way to solve personal debt, however it should ALWAYS be considered as a LAST RESORT, and the Court will expect you to HAVE considered any alternatives that you may qualify for.

Before you apply to go bankrupt make sure you're certain you've considered the following questions:

  • Would an IVA help me in my situation?

Need Bankruptcy Advice?

Our panel of specialists can quickly advise you on what to do if you are considering going bankrupt. Simply call the team FREE on 0800 368 8231.
Alternatively take the online bankruptcy test and check if you qualify.

From buying a Lotto ticket to a work sweepstake on the Grand National, it’s not uncommon for many people to indulge in the odd bit of gambling. But a problem gambling habit can be bad for your finances.

As today’s £7.8million fine for an online gambling firm showed, vulnerable gamblers can quickly rack up debts – one customer bet more than £1.3million over 13 months.

Even far more moderate gamblers will bet more than they can afford, getting into a worse situation as they try to chase losses. And sometimes being in problem debt can prompt people to turn to gambling in the hope of ‘winning’ their way out of the situation – but it just makes matters worse.

But often they come hand in hand – meaning you need to get help with both at the same time to really solve the problems. It might mean turning to two separate sources of help.

If you just focus on your debts and ignore the gambling addiction, then you might find yourself back in a similar position before long. But if you don’t deal with the debts at the same time it might be hard to resist the temptation to not gamble if the debts are spiralling out of control.

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Get help with your debts

The best thing you can do to fix debt worries is to talk to someone experienced in helping people in your situation. Don’t pay for this. There are many free and independent debt advisors who will treat everything you say in confidence, then help you find the ways to deal with your debts.

It’s easy to find someone to help. This could be near where you live, or you could talk to someone over the phone or on webchat. The Money Advice Service Debt Advice Locator does exactly what it sounds like. You can enter your post code and choose between the options.

Get help with your gambling problems

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Gambling doesn’t just affect your finances, it can impact on your mental health and your relationships with friends, family and your workplace. But breaking the habit is unlikely to be easy.

Gambing awareness charity GamCare suggests a few ways to help you stop your gambling habits:

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  • Avoid situations and people that might make you gamble
  • Take up alternative activities that could keep you busy and plan your time
  • Ask betting shops, casinos and arcades to bar you
  • Block gambling websites on your computer and phone

GamCare also has a helpline you can call to talk through the options, which can include counselling. Call Freephone 0808 8020 133 from 8am till midnight, seven days a week.