According to a newly-published report almost half of adults are currently in debt and owe an average of 6,465.
But while credit cards and general overspending are responsible for this debt in some cases, it would seem the spiralling costs of paying for basic living is the most common reason adults are getting into financial difficulty.
According The UK Spending Report, commissioned by personal insolvency practice, Creditfix.co.uk, the top cause of debt in the UK was in increase in household bills, with 36% of respondents attributing their money problems to this.
But 33% said raised rent or mortgage repayments were the main culprit, a trend being driven by increasing property prices and lack of supply of new homes.
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Read the full article at: https://www.themoneypages.com/mortgage-home/rising-housing-costs-plunge-third-adults-debt/