A new report from the Skipton Building Society has highlighted the extent to which young consumers living in England’s largest county are indebted to their creditors.
Overall, close to three-quarters of all men and women aged under-35 in Yorkshire have some form of debt management burden and the issue has become a major concern for people across the country.
In fact, apart from rent or mortgage payments, interest on debts has become the largest single outgoing of the typical Yorkshire consumer and millions of young people are now earning less than they spend on a monthly basis.
Furthermore, the average person aged under-35 in the region pays out almost £160 per month on interest demands in their efforts to become debt free.
A statement from Skipton read: “For some, financial hardship has even led to real physical hardship, as 27 per cent have been forced to not eat properly and 25 per cent to take on more than one job.”
Figures from the Credit Action charity suggest that the overall debt management burden in the UK increases by close to £1 million every five minutes.