UK and US Debt Statistics: Insolvencies, Credit Cards and Household Debt

By Hamid Ali, Founder of DebtShift · Data checked October 26, 2026 · UK and US

Seven point three million UK adults sit in the group the Money and Pensions Service says needs debt advice right now, and 78% of that group regularly have money worries at the end of the month.

Every official figure on this page comes from the body that publishes it: the Bank of England, the Insolvency Service, the New York Fed, the Federal Reserve, the US Courts, StepChange and the Money and Pensions Service. We show the month or quarter each number covers, because a debt statistic with no date is not worth quoting.

Short answer. UK individual insolvencies ran at 28.0 per 10,000 adults in the 12 months to September 2026, about 1 in 357 adults and up from 24.8 a year earlier. US household debt was $18.771 trillion in Q2 2026, with 4.7% of it in some stage of delinquency. On both sides of the Atlantic, credit cards carry an interest rate above 21%.

7.3m
UK adults in the group that needs debt advice (14%)
MaPS MoneyView, 2024 survey
28.0
UK insolvencies per 10,000 adults, 12 months
Insolvency Service, to Sep 2026
£19,701
Average debt of a new StepChange client
StepChange, 2025
21.55%
Effective rate on UK interest-charging credit cards
Bank of England, Aug 2026
$18.771tn
US household debt
New York Fed, Q2 2026
4.7%
Share of US household debt in some stage of delinquency
New York Fed, Q2 2026
$1.263tn
US credit card balances
New York Fed, Q2 2026
608,511
US bankruptcy filings, 12 months
US Courts, to 30 Jun 2026
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UK: how many people are struggling

The Money and Pensions Service (MaPS) splits UK adults into three groups from its 2024 MoneyView survey, published in January 2026. It counts the people who already need advice and, separately, the people one bad month away.

GroupShare of UK adultsPeople
Need debt advice14%7.3 million
At risk, could need advice if things get worse22%11.7 million
No signs of needing advice64%34.1 million

The gap between the groups is where the story is. Look at who often uses credit to pay for food or bills: 19% of all adults, 27% of the at-risk group, and 48% of people who need advice. Nearly one in two people in the worst group are borrowing for the weekly shop.

MaPS indicatorAll UK adultsAt riskNeed advice
Often use credit to pay for food or bills19%27%48%
Often use Buy Now Pay Later (BNPL) for food or bills12%18%39%
Currently have BNPL arrears3%6%15%
Bills and income often do not line up in time19%30%59%
Regular money worries at the end of the month39%64%78%
Could not pay an unexpected bill over £30026%42%45%
Could not cover living costs for more than a month29%44%52%

Source: MaPS, The financial lives of UK people with debts in 2024 (published 29 January 2026). Survey data from 2024.

UK: insolvencies, September 2026

Individual insolvency means three things in England and Wales: a bankruptcy, a Debt Relief Order (DRO) or an Individual Voluntary Arrangement (IVA). The Insolvency Service published the September 2026 figures on 20 October 2026, seasonally adjusted.

England and WalesSept 2026vs Aug 2026vs Sept 2025
All individual insolvencies11,894+2%+9%
IVAs7,385+5%+17%
DROs3,838-1%-3%
Bankruptcies671-11%+1%

Over the 12 months to September 2026 the rate was 28.0 insolvencies per 10,000 adults, up from 24.8 a year earlier. IVAs made up 59% of the total, DROs 35% and bankruptcies 6%.

Rate per 10,000 adults, 12 months to Sept 2026RateChange on a year earlier
All individual insolvencies28.0up from 24.8
IVAs16.6+2.7
DROs9.7+0.4
Bankruptcies1.7+0.2

One shift stands out. IVAs rose 17% in a year while DROs fell 3%. We do not know why from the official release, and it does not say, so treat this as a pattern to watch rather than a cause. If you want to see how the three routes differ, read DRO vs IVA and bankruptcy vs DRO; the bankruptcy guide covers the process.

Other UK nationsFigureChange
Scotland, Q2 2026: all individual insolvencies2,181 (1,332 protected trust deeds, 849 sequestrations)+13% on Q2 2025
Northern Ireland, July 2026169+10% on July 2025

Sources: Insolvency Service commentary, September 2026 (England and Wales); The Gazette, individual insolvency statistics July 2026 (Scotland, Northern Ireland).

Not sure which of the three routes could apply to you? The Bankruptcy and DRO Checker asks a few questions and shows whether a formal option fits, with no sign-up.

UK: what people borrow, and what it costs

The Bank of England’s August 2026 release, published on 29 September 2026, shows consumer credit growth picking up.

Bank of England, August 2026FigurePrevious month (July)
Net consumer credit borrowing by individuals£2.5 billion£2.1 billion
Annual growth, all consumer credit9.6%9.3%
Net credit card borrowing£1.2 billion£0.9 billion
Annual growth, credit card borrowing13.3%12.6%
Net other consumer credit (car finance, personal loans)£1.3 billion£1.2 billion
Annual growth, other consumer credit7.9%7.7%
Net mortgage borrowing£4.4 billion£4.1 billion
Effective rate, interest-charging credit cards21.55%21.45%
Effective rate, interest-charging overdrafts20.27%not stated
Effective rate, new personal loans9.96%9.86%

Cards are the fastest-growing part of UK consumer credit at 13.3% a year, and a person carrying a balance pays 21.55% on it. A personal loan costs less than half that. If you have card debt, our Minimum Payment Trap Calculator shows how long the minimum payments take and what the interest adds up to.

Source: Bank of England, Money and Credit, August 2026. Seasonally adjusted. Next release 29 October 2026.

Who actually calls a debt charity

StepChange published its 2025 client figures in 2026. They describe 163,916 people who completed a first debt advice session in 2025.

StepChange clients, 2025Figure
New clients163,916
Average arrears and unsecured debt£19,701 (up 10% from £17,936 in 2024)
Renting61%
In some form of work60% (44% full time)
Aged 25 to 3433% of clients, against 17% of UK adults

Picture a 29-year-old, renting, working full time, who opens the app at 11pm and sees a number they did not expect. That person fits the largest age group in this data. (This is a composite built from the table above, not a real person.)

Now put the average debt through a card rate. If all £19,701 sat at 21.55%, the interest alone would be about £4,246 a year, or £354 a month. Most clients do not hold all of it on one card, so read that as the ceiling for that rate, not the usual bill. It does show why a balance can stay still for years while the person pays every month.

Source: StepChange, 2025 personal debt statistics. The interest sum is our own arithmetic.

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US: the New York Fed’s Q2 2026 numbers

The New York Fed published its Household Debt and Credit Report for the second quarter of 2026 on 11 August 2026. Total household debt was $18.771 trillion, down $13 billion (0.1%) on the quarter. Of that, 4.7% was in some stage of delinquency, slightly better than the quarter before.

Balance, Q2 2026AmountChange on the quarter
Total household debt$18.771 trillion-$13 billion
Mortgage$13.117 trillion-$74 billion
Home equity line (HELOC)$459 billion+$13 billion
Auto loans$1.713 trillion+$28 billion
Credit cards$1.263 trillion+$21 billion
Student loans$1.651 trillion-$7 billion

Read the headline carefully. The total fell only because mortgages (-$74 billion) and student loans (-$7 billion) fell. Auto loans, credit cards and home equity lines all rose. A flat total can sit on top of rising card and auto balances.

The second table is about people falling behind. The New York Fed measures the share of balances that moved into serious delinquency, which means 90 or more days late, as an annualised rate.

Flow into serious delinquency (90+ days)Q2 2025Q2 2026
Credit cards6.93%6.97%
Student loans12.88%7.83%
Auto loans2.93%3.00%
Mortgages1.29%1.52%
HELOC1.15%1.15%
All debt2.91%2.57%

Student loans improved sharply, from 12.88% to 7.83%, and the all-debt figure also fell, from 2.91% to 2.57%. Credit cards did not move: roughly 7 in every 100 dollars of card balance moved into serious delinquency over a year, both times. If you are in that group, our US debt relief guide explains the options, including Chapter 7 vs Chapter 13 and credit card debt forgiveness.

Source: Federal Reserve Bank of New York, Q2 2026 press release.

US: bankruptcy filings

12 months to 30 June 202620262025Change
All bankruptcy filings608,511542,529+12.2%
Non-business (personal) filings581,570519,486+12%
Business filings26,94123,043+16.9%
Chapter 7382,161333,321+14.7%*
Chapter 13215,490200,290+7.6%*

*Calculated by us from the court table. Source: US Courts, Bankruptcies rise 12.2 percent (28 July 2026). Chapters 7 and 13 do not add up to the total because other chapters exist.

US: consumer credit and card interest

The Federal Reserve’s G.19 release for August 2026, published on 7 October 2026, counts consumer credit outside mortgages.

Federal Reserve G.19, August 2026AmountGrowth (annualised)
Total consumer credit$5,196.8 billion+1.9%
Revolving (mostly credit cards)$1,352.4 billion-4.2%
Non-revolving (auto, student and similar)$3,844.4 billion+4.1%

The same release gives the average card interest rate for Q2 2026 at commercial banks: 20.94% across all accounts and 22.15% on accounts that were charged interest. The second figure is the one that matters if you carry a balance.

Source: Federal Reserve, G.19 Consumer Credit, 7 October 2026.

Why the numbers do not line up

Two US card figures appear on this page: $1.263 trillion from the New York Fed and $1.352 trillion of revolving credit from the Federal Reserve. They come from different data sources with different definitions. Do not add them, swap them, or quote one against the other.

The UK and US also measure different things. The UK 21.55% is the effective rate on interest-charging cards. The US 22.15% is the average on accounts that were charged interest. They are close, but they are not the same measure, so do not claim one country pays more. The same applies to growth: UK card borrowing grew 13.3% over a year, while US revolving credit shrank at a 4.2% annualised rate in one month. One is a year, the other is a month, and the two cannot be compared.

MeasureUKUS
Card interest rate21.55% (interest-charging cards, Aug 2026)22.15% (accounts charged interest, Q2 2026)
Formal insolvency28.0 per 10,000 adults, 12 months to Sept 2026608,511 filings, 12 months to June 2026
People needing help7.3 million need advice (MaPS, 2024 survey)4.7% of debt delinquent (NY Fed, Q2 2026)
Source typeOfficial statistics and charity dataFederal Reserve and US Courts data

How to cite this page

You are welcome to quote any figure here if you name the original source, which is linked beside each table. To cite this page itself:

DebtShift (2026). Debt Statistics 2026: UK and US Household Debt Figures. debtshiftai.com/debt-statistics/. Data checked 26 October 2026.

We update this page when the main sources publish. The Insolvency Service and the Bank of England publish monthly (the next Bank of England release is 29 October 2026), the New York Fed quarterly, and the US Courts on a rolling basis. One note on method: the Insolvency Service’s own summary line for September said the total was slightly lower than August, but its table shows 11,894 against 11,684, which is 2% higher. We used the table. If you spot an error, email admin@debtshiftai.com and we will correct it.

Questions people ask

Is UK debt getting worse or just more visible?

The official numbers say it is rising. Individual insolvencies were 28.0 per 10,000 adults in the 12 months to September 2026, up from 24.8 the year before, and consumer credit grew 9.6% in the year to August. That covers people who reached a formal solution, not everyone who is struggling, and the MaPS survey puts that wider group at 7.3 million adults.

Why does my credit card balance barely move when I pay every month?

Because the interest takes most of it. At the 21.55% average UK card rate, a £2,000 balance adds about £36 of interest a month, so a payment of about that size leaves the balance where it is. Run your own figures through the Minimum Payment Trap Calculator.

Is it normal to be 29, working full time and still in debt?

Yes, it is common. Of StepChange’s 2025 clients, 33% were aged 25 to 34, and 60% were in work.

Are debt collectors allowed to keep ringing if I am struggling?

Not without limits. UK collectors have to follow rules on how often and how they contact you, and in the US the Fair Debt Collection Practices Act sets the limits. The Know Your Rights tool shows what is allowed and what is not.

Which number should I use if I am writing about US debt?

Use the New York Fed’s $18.771 trillion for total household debt, and say it is the Q2 2026 figure. For cards, use the New York Fed’s $1.263 trillion if you quote total debt, and the Federal Reserve’s $1.352 trillion only if you are quoting G.19 revolving credit. Name the source each time.

Where do I start if I am in debt in the UK or the US?

Get free advice before you pay anyone. In the UK, start with our UK debt help hub; in the US, start with the US debt relief hub; then speak to StepChange or the NFCC.

Ready to see where you stand? The AI Debt Payoff Planner turns your own balances and rates into a debt-free date, and it is free.

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Disclaimer: DebtShift is an educational platform operated by H Ali Logistics Ltd, which is not authorised or regulated by the Financial Conduct Authority (FCA). This page is general education, not financial or legal advice. UK readers can get free, impartial debt advice from StepChange on 0800 138 1111. US readers can contact the National Foundation for Credit Counseling at nfcc.org or 877-360-6322.

Sources

The StepChange composite and the interest sums are our own illustrations, not official figures. Last reviewed October 2026.

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