Figures from Prudential show that around 3.4 million UK consumers have put themselves into debt after splashing the cash before it has entered their accounts and that these arrears collectively amount to almost £2.5 billion over the course of the last five years.
And as the number of people in need of a debt solution across the country continues to increase, the latest figures show that only 23 per cent of UK consumers use there pay rise or bonuses to clear debt.
Prudential’s business insurance director, Angus Maciver, commented: “Pay rises and bonuses ought to be the answer to most people’s financial prayers but in many cases they appear to be putting people further into debt.”
“A pay rise or a bonus ought to be the trigger to get debt under control but too many of us simply see it as an excuse to spend more,” he added.
Personal debt levels in the UK rise by around £1 million every four minutes, the national not-for-profit organisation Credit Action revealed earlier this year.