More than half of the UK adult population (almost 27 million), will head into 2020 in debt, with almost five million owing over £10,000 in loans and credit,
The financial comparison website money.co.uk polled 2,018 people living in the UK, aged 16-64 years, and found that, not including mortgages, almost two thirds (63%) will go into the New Year with some form of personal debt – including money owed on credit cards, personal loans, car loans, bank overdrafts and payday loans.
Extrapolating these figures, of the 42.7million people aged between 16 and 64 in the UK*, 26.9 million people are potentially heading into the New Year in debt, by as much as £100,000.
The poll also revealed that a third (33%) of respondents have a personal debt between £2,000 and £10,000; that’s nine million people. While, almost a fifth (18%) said their personal debt was above £10,000, which equates to 4.8 million adults in the UK saddled with this level of debt.
More than a quarter (26%) of those polled, from the North West, said they will go into 2020 with a personal debt between £5,000 and £10,000, while more than a fifth (21%) of respondents from Wales said 2020 will kick off with debts between £10,000 and £50,000.
Meanwhile, almost half of Scots (45%) won’t enter the New Year with any debt. This compares to just 30% of Londoners being debt-free at the start of 2020.
Types of personal debt
More than a third (38%) of those polled said they have credit card debt, 19% personal…