ore than a quarter (26%) of people will be seeing in the new year in debt, a survey suggests.
The types of debts covered included informal debts such as borrowing from friends or family, as well as credit card spending, overdrafts, loans or buy now pay later spending, according to the research from Tesco Bank.
On average, people expect that it will take 21 months to pay back what they owe.
Two-fifths (43%) of 18 to 34-year-olds expect to end 2022 with some debt.
A third (33%) of people will be in debt because the cost-of-living crisis has added to their long term debts, the survey indicated.
Putting realistic plans in place, seeking the support of free and expert advice, distinguishing between the different debts you …
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