debts
Published 03 May 2023
2 min read
Nearly two thirds of 35-to-44-year-olds finding it a burden to repay debt
Almost two thirds (64%) of 35-44-year-olds in the UK are struggling to repay debts, such as loans and credit cards, new figures show.
Written by: Rebecca Routledge
Senior Content Manager
Published: 3 May 2023
A report from the Resolution Foundation thinktank reveals 40% are finding it somewhat of a burden and 24% are finding it a heavy burden. This compares with 37% and 7% respectively for those aged between 65 and 74 years old.
Overall, nearly one in five (18%) people are struggling with debt, with poorer groups finding it particularly hard. The research shows out of the fifth of the population with the lowest income, 30% are experiencing difficulties repaying their debts.
Over the winter, 14 million UK adults (26%) used credit cards, overdrafts or other formal lending to cover their living costs. Again, 35-44-year-olds were most likely to do this, with over a third (37%) resorting to this type of borrowing, compared to 14% of 65-74-year-olds and 10% of those aged 75 and above.
If the rising cost of living means you’re finding repaying your debts is becoming an unmanageable burden, we can advise you on your options for free. It’s best to take action as soon as possible, so why not get in touch?
Written by: Rebecca Routledge
Senior Content Manager
A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.
Published: 3 May 2023
The information in this post was correct at the time of publishing. Please check when it was written, as information can go out of date over time.
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Written by: Rebecca Routledge
Senior Content Manager
Published: 3 May 2023