63% of adults spend 46 years in debt

Sixty-three per cent of adults in the UK will spend an average of 46 years of their adult life in debt, according to the results of a new study by Creditfix.co.uk.

A survey of 1,000 UK adults was conducted by leading personal insolvency practice, Creditfix, and published in The UK Spending Report.

The results showed adults aged between 25 and 34 were most likely to find themselves in debt due to mortgage or rent payments (75%), student loan repayments (53%) and owning a car (48%). Those aged 55 and over indicated their debts were the consequence of extravagant living, such as holidays, (54%) and home improvements (38%).

Creditfix also found that for the respondents entering retirement, 37% still found themselves in debt which they would struggle to pay off while receiving their pension.

The data also revealed 23% of all adults surveyed admitted to having three or more credit cards to cover the cost of living while keeping up to date with paying off debts.

Creditfix head of marketing, Taylor Flynn, commented: “It’s difficult to hear that such a high percentage of adults spend so much of their lives in debt. It seems from the moment people become independent they are having to fret about keeping their heads above the water and the bank balance out of the red.

“Although we can see from the research many adults struggle to talk about their debt, there is plenty of friendly advice available to help work through financial problems and ease the strain. This way they can spend less time worrying about money and more time enjoying themselves.”

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