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More than 50% of the UK Adult Population is in Debt

A recent survey carried out in the UK has highlighted that about 27,000 million adults in the country have been dealing with debt problems on various grounds. And out of this total population, more than 5 million adults in the UK are in debt with over 10,000 pounds. According to the poll reports conducted by money.co.uk, it has been found that the UK adults falling in the age group 16-64 years have been facing different loan debts in the categories such as mortgages, personal loans, car loans, bank overdrafts or payday loans.

As per the survey, over 38% of the polled people have been under credit card debt, 19% personal loan and 19% are trapped in overdraft loan debt. In addition to this, 12% of people have been facing car loan debt and 6% of them are dealing with payday loan debt. When people were asked about their debt, then they cited different causes for the same.

40% of people stated normal living expenses as the reason for their debt. 21% cited debt consolidation, 19% said that it is due to holidays expenditure, 18% attributed it to Christmas expenses and the other people blamed spending on luxury items as the reason for their increasing debt. Different people mentioned different time period for the accumulation of their debt and also estimated the number of years they would take to pay off their debt.

Many of the people have been seeking loans from online lending platforms now. The popularity of My Quick Loan has been rising exponentially among the UK people. It is a Quickquid alternative for quick loans at a reasonable rate of interest and since Quickquid is going into administration, My-Quick Loan is coming to assistance for many people now.

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