The survey of 1,311 UK adults, conducted on 3rd August 2018, analysed the factors behind debt, taking into account household bills, rent, overspending, unemployment, medical costs and high interest charges. Vanquis Bank provides a range of helpful information for managing credit during difficult financial situations.
Adults aged 18-34 are the most likely age group to fall into debt to meet the cost of household bills, with 12% claiming this has been the biggest factor behind their debt. Additionally 9.5% of those aged between 35 and 54 years and 6.9% of 55-plus years admit to falling into debt to meet household bills.
Wales is the most likely UK region to be in debt due from household bills, with 16.8% of the adult population revealing they have been unable cover their outgoings without seeking financial support. The North West are the best at paying household bills through regular income channels with only 4% citing bills as the main factor in their debt.
The cost of rent is another problem area for 18-34 year olds, with 12.5% admitting they have been unable to meet rental costs, and covered the outgoing through finance. In comparison, only 1% of over 55 years and 6.5% between 35 and 54 years have been in debt due to rental costs. London is the worst place in the UK to be a renter, with 12.8%, double the national average (5.95%), of adults highlighting rent as the biggest factor in their debt problems. The situation is worse for under 35’s with 17% entering debt due to rent in London.