Debt truths revealed

The extent to which people in the UK are in debt has been revealed by new research.

According to SaveBorrowSpend, there are currently more credit cards in Britain than there are people, with the nation’s current outstanding balance approximately £65 billion at the end of last year.

Indeed, credit card debt has become such a problem for people in the UK that one in ten pays back the minimum amount each month.

Manchester is the nation’s debt problems capital, the company states, while people aged between 35 and 64 are the most frequent credit card users and may be more challenged when looking to become debt free.

Some people have even resorted to taking out a credit card in order to pay off an old credit card debt, the firm added.

This comes as statistics from money charity Credit Action shows that people in the UK have amassed a total personal debt mountain of more than £1.4 trillion.