Millions of Brits ‘can’t control debts’

The recent research from price comparison website moneysupermarket.com also demonstrates that around one quarter (13 million) people in the UK have taken out a loan to cover the debt repayments.

In addition, over half (57 per cent) of those polled for the study said they felt an effective debt solution was beyond them and that they expected never to enter the black again.

Tim Moss, head of loans and debt at moneysupermarket.com, said: “Debt has certainly become the common curse of modern times.

“Whereas 40 years ago being in the red was considered a last resort, it seems many of today’s Brits are much more accustomed to taking on debt.”

Earlier this week, a study carried out by the Personal Finance Education Group revealed that more than half of all 18-year-olds in the UK had already experienced debt concerns.