New research reveals that Brits are currently £132.5bn in debt, with quick financial fixes, such as popular Buy Now Pay Later schemes (BNPL) and high-interest payday loans fuelling everyday borrowing habits.
The Cost-of-living Credit Crunch Report 2023 by VoucherCodes.co.uk examines the type of debt Brits hold and their sentiment towards it, revealing that half of Brits are currently in debt (50%), with the average person owing £3,845.
Many people are relying on instant borrowing to fund everyday purchases, with over one in 10 (11%) currently owing money to Buy Now Pay Later platforms, such as Klarna. Despite demand soaring amongst all generations for these services, it’s the younger age groups who are most likely to rack up debt using this method, with 17% of Millennials (aged 27-42) and 13% of Gen Z (aged 18-26) admitting to owing money in this way.
