Being in debt – especially when the amount you owe is unmanageable – can feel terrible. From possible anxiety and sleepless nights to the feeling you’re the only person in the world struggling with this issue, there’s arguably nothing which is quite like it.
However, far from debt being out of the ordinary, it may be a normal part of everyday life. In fact, studies suggest it’s actually normal to owe large amounts of debt.
The Office for National Statistics has revealed that, over a two-year-period, average household debt has increased by almost ten per cent to £9,400.
Debts which included personal loans and credit cards saw a large rise during this period too; by around 11% – suggesting that more households than ever are using financial solutions to keep going between paychecks.
Commenting on the report, a personal finance analyst stated:
Not all these debts are the same: there’s a world of difference between taking an affordable, low-cost loan for vital home improvements, and living on your overdraft month after month, because it’s proving so difficult to make your salary stretch to the end of the month,
“But if you’re one of the 44% of people who see their borrowing as a burden, it’s worth taking steps to deal with your debts.”
