Debt remains an ongoing issue for the majority of consumers in the UK, with eight out of ten people rating their level of financial stability as 'fairly bad'.
Over 30% of people believe they will never exit their spiral of debt and expect to remain in debt 'indefinitely'. More than a quarter said they anticipated owing money for the foreseeable future.
The research, by My Voucher Codes, revealed less than one in ten people had never owed any money, highlighting modern society's urge to borrow money.
The popularity of payday loans is also rising. Intended to be used as a short-term solution for financial emergencies, a growing number of these controversial loans are being taken out to supplement incomes.
If you are dealing with debt, read our guide: 8 steps to getting rid of debt.
Consider all the options before taking out a payday loan with our Guide to payday loans.
Find out how your credit score is worked out and ways to make it better.
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