A new survey has revealed that 93 per cent of us believe the UK has an issue with arrears, with a quarter of Brits agreeing that debt is now just a part of everyday life.
According to the survey by debt management company PayPlan, the average person will wait until they have a debt of £25,000 before seeking professional help.
A third of us ‘wing it’ financially from month to month, with a similar number experiencing sleepless nights or problems at home because of money worries.
However, a minority are more careful with their finances with a fifth of those surveyed using spreadsheets to keep their finances under control.
The top 5 cities that came on top for the highest debt before seeking help were:
1. Birmingham: £59,832
2. London: £36,423
3. Edinburgh: £19,602
4. Liverpool: £18,739
5. Norwich: £18,673
PayPlan money advice consultant, Jane Clack said: “Our findings show that whilst the vast majority of us believe the UK has a problem with debt, a frightening amount of people are willing to allow their situation to become progressively worse before seeking help.”