More than five million Britons think they're stuck with debt for life, a new Moneysupermarket.com study shows, with almost a third of all respondents believing that their problems are spiralling out of control.
That will leave many Britons struggling with a bad credit history, but with the desire to get onto the housing ladder as strong as ever, finding the best mortgage for bad credit will become still more pressing.
Moneysupermarket has said that while debt is now more commonplace, finding a way of dealing with it was still something of a problem for many.
"Forty years ago, being in the red was a last resort. It seems many of today’s Brits are much more accustomed to taking on debt – although being able to control it is quite another thing," said Moneysupermarket head of loans and debt Tim Moss.
With Citizens Advice reporting that 20 per cent more Britons are enquriing about debt, the problem looks set to affect an increasingly large proportion of the population over the next few years.
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