More debt taken on by 27% of UK adults

With more debt being taken on by 27% of UK adults in the last year, is there a danger more are facing debt problems?

Whilst 40% of UK adults managed to reduce their debt in the last year, 27% increased it and worryingly, of these, 8% increased their debt ‘a lot’.

These are the findings from moneysupermarket.com.

The average debt is now nearly £7,000.

The over 60s have been best at reducing their debt and the under 30s have struggled the most to contain theirs.

As Tim Moss of moneysupermarket.com said ‘Anyone starting to worry about their financial situation shouldn’t bury their head in the quick sand of debt – problems are easier to tackle when addressed early’.

Debt problems can easily get out of control and lead to serious consequences.

The sooner action is taken the better.

If you are concerned, perhaps it’s time for some debt advice and maybe to consider some debt management.