The average consumer expects their debt to rise 11% to a staggering £3,834 in just a matter of months, as Brits continue to grapple with the cost-of-living crisis. The Cost-of-Living Report by savings site, VoucherCodes.co.uk, examines the impact of the crisis on British consumers. The findings show that over half (58%) of the population is currently in debt and this isn’t set to improve anytime soon.
The Bank of England recently reported the rate for all consumer credit jumped a staggering 5.7% in April. Data from the VoucherCodes Cost-of-Living Report reveals that the average Brit estimates their debt is set to rise £377 per month due to the crisis gaining pace, increasing from £3,457 to £3,834.
Further analysis of this increase in credit shows those who bring home an income of £50,000 - £59,999 expect to see their debt grow 14% to £5,081, more than any other income bracket. At the other end of the spectrum, those households that fall into the next income bracket of £60,000 - £69,999 predict they will see the smallest increase to their total debt, at only 9.3%, bringing them to a total of £5,024.
