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Debt of the Average Brit

Debt of the Average Brit

A new survey has found that the average adult in Britain has debts of £6,936.

The survey commissioned by Salary Finance shows that the average adult in Britain has debt of almost £7,000 – this excludes mortgages and student loans. Several worrying factors were also revealed in the survey.

One of the things revealed in the survey was that people only really consider themselves ‘in debt’ once they owe £3,882. However they only consider it a problem once this figure hits £6,000. It also revealed that 10% of people wouldn’t even worry until their debts were over £10,000!

Around 50% of those questioned say they believe that being in some level of debt is so normal that they don’t see it as a bad thing, and 30% admit that using a credit card, loan or overdraft is just a part of life.

Asesh Sarkar, CEO of Salary Finance, said: “In today’s world it is normal for people to have some kind of debt.

“However, these stats are telling, in that people are not tackling their debt until it reaches thousands of pounds, and by this stage it is causing them to worry and may be difficult to control.

“When you’re already seriously in the red, a one-off unexpected expense can cause major issues, leading to missed payments, bad credit and a situation where people are forced to turn to high interest borrowing to stay afloat.

“When people fail to tackle their debt until it is of significant worry to them, they find it much more difficult to get out of a spiral of debt.”

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