A recent study about debt of people in the UK has shown that most adults in the country now have some form of debt and it is expected that around 30 percent of these people are going to remain in debt for an indefinite period. It is estimated that fewer than 10 percent of adults who are aged over 30 have never owed any money to a bank, or anyone else.
Obviously, one of the most common forms of debt that people are in is a mortgage, however, these make up a significantly smaller amount of the picture than you might imagine, and when you remove mortgages, 80 percent of adults who are aged over 30 still have some form of debt. This is reflected by how people also see their financial security themselves, and a recent survey showed that the majority of people feel that their financial situation is ‘relatively bad.’
Mark Pearson, who works at myvouchercodes.co.uk, has commented, “It is all too easy for people to slip into debt becomes uncontrollable. For example, it is very easy to start becoming in debt by borrowing on a credit card, which can quickly escalate into problems spending.
“Before long, people will find themselves taking out overdrafts, applying for loans, and never really paying off the money they borrowed. The only time you should ever borrow money, is when you know you will be able to pay it back in the near future and can draw out a plan to that effect.” The figure doesn’t seem any more positive for the coming generation, as many parents admitted that their children would probably also be in debt for a significant part of their lives.