It has been reported that a huge number of Brits are spending almost half of their income on the repayment of non-mortgage debts each month. According to the recent report one in four Brits is currently spending around 40 percent of their monthly income on the repayment of debts other than their mortgages, which means that a huge chunk of their money is going towards servicing debts leaving them with very little for other financial commitments such as rent or mortgage, food, car running costs, bills and spending money.

Every month consumers are spending around £9 billion collectively on paying down debt, resulting in many people using up a large amount of their income on the payment of debts every month. The average amount of debt being paid off per person in Britain comes to around £322 per month. With the average monthly income for an adult standing at £1288 this equates to a massive 25 percent of their income.

The report looked at the average amounts of debt being paid on things such as credit cards, loans and overdrafts. The UK average when it comes to personal debt comes to around £7388 with Londoners said to have the highest levels of personal debt in the UK, with an average £8478.

One official involved with the research stated: ‘With the cost of living continuing to rise, consumers are feeling the squeeze on their wallets more than ever. It’s therefore worrying to see such a high number of people needing to use so much of their income just to service existing debt. However, making the most of every pound really does count when it comes to the end of the month, and it’s vital that those needing to repay debt are doing so using the best method.’