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Loan claim: Most Brits have debt problems

Credit card charges and loan charges could be affecting a large number of Brits, research has shown.

A recent survey by the Cooperative Bank revealed 70 per cent of adults in the UK admit to having problems with debt.

Typically, people wait until they owe £1,247 through loans, credit cards and overdrafts before they believe they have money worries, the study revealed.

Furthermore, 50 per cent of the populace has fallen into more debt in the last year, with the average individual owing an extra £325 since Christmas.

Many individuals are turning to payday lenders or gambling in order to escape this issue, the research found.

Recently, a study by SpareRoom.co.uk revealed a growing number of people are renting out their spare rooms to lodgers in order to cope with the rising cost of living.

"It's no surprise that people are feeling the pinch at the moment and that debts are mounting up," head of banking at the Cooperative Bank Robin Taylor said.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801305513-ADNFCR



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