The 18 to 34 year old demographic are particularly vulnerable, with three fifths (58%) expecting to use credit to cover their costs.
Kevin Mountford, head of banking at MoneySuperMarket said: “While inflation is at an all-time low, and UK debt is expected to fall next year, there is still a long way to go before many consumers are out of trouble.
“Simply working out a realistic monthly budget and cutting out unnecessary expenditure should be the first step.”
Typical debt sufferers are burdened with credit card debt, personal loans, overdrafts and/or store card debts.
