Research carried out by YouGov, on behalf of Thomas Charles, found that a fifth of the population has over £10,000 of unsecured debt.
James Falla, director of Thomas Charles, commented on the survey: “Compared to even just a few years ago, we can see the enormous uptake of unsecured debt across all areas: credit cards, personal loans, student loans.”
He warned that if interest rates or unemployment rises, individuals are at risk of loss of income which will worsen their debt levels.
According to the new debt study, 78 per cent of people had a credit card and a fifth of those had credit card debt over £5,000 on them; while two thirds of adults have an unsecured loan.
With debt levels rising, Mr Falla warned that unsecured debt was damaging the health, relationships and work of people who were having difficulty repaying.