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One in three anticipate ‘indefinite’ Debt

New figures have revealed that the vast majority of adults in the UK are in some sort of debt, and that one in three expects they will never be able to become debt-free.

Fewer than 10pc of people aged over 30 in Britain say they have never had to borrow money from anyone, and due to this have never experienced debt. However this figure does not take into account mortgage borrowing, suggesting the figures would be much lower still should this be taken into account. The same study revealed that 80pc of over 30’s were still indebted, and when asked to describe the state of their finances, the average response was ‘fairly bad’.

Mike Pearson of, who conducted the research, said: “Without a mortgage thrown into the mix, to see so few people over 30 hadn’t experienced debt was a bit of a shock”

He added: “It’s best to avoid debt at all costs if possible, as what starts as borrowing a few hundred pounds on a credit card can quickly escalate into loans, over drafts and more. Always be wise when it comes to borrowing, and only ever do it if you know you will realistically be able to pay the money back”

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