Nearly two thirds of 35-to-44 year olds finding it a burden to repay debt

Almost two thirds (64%) of 35-to-44 year olds in the UK are struggling to repay debts, such as loans and credit cards, new figures show. A report from the think tank the Resolution Foundation 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-to-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-to-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?