Almost 80% Enter 2021 in Debt
According to a recent report, just 22% of the UK did not have any debt as we entered 2021.
Discounting mortgages, and concentrating on personal debt, the report has mixed news; although this is a lot of people in debt, it also suggests that the level of debt is reduced when compared to previous years. The report also suggests that the most common reason for people getting into debt is just normal living expenses.
The report shows what we have all believed and seen with our own eyes: More people are struggling just to get by.
The report goes on to show that the debt of the average adult was £9,246 – with men most likely to be in greater debt (£11,581) than women (£7,016).
Almost a third of the people said that the COVID-19 pandemic was responsible for their struggling to pay their everyday living expenses. With no end in sight as we enter 2021, this is extremely worrying, and action needs to be taken NOW!
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