Many people are in debt these days, with personal debt levels amongst some households having increased as a result of the global financial crisis and recession, which has left many people strapped for cash. However, there are concerns amongst a large number of people with regards to how they will repay their debt and whether they will ever be free of it.

According to the survey nine out of ten people have run up unsecured debts, and many of these are concerned over whether they will be able to pay back the debt. Around 89 percent of consumers aged between 18 and 35 had debts that they had run up in the form of loans, overdrafts, and credit cards, and a third said that they did not think that they would ever be free of the debt.

The survey also showed that 54 percent of consumers would have to continue borrowing money in order to fund the lifestyle that they wanted. Another 20 percent of consumers said that they were not worried about their loved ones having to cope with their debt in the event that they died before the debt had been repaid. A massive 80 percent of consumers said that even in the current climate it was still too easy to borrow money on credit cards and through banks in the form of loans.

One industry expert said: “The majority of UK adults owe money in some way, shape or form, but to see that almost a third think they’ll never be free from debt is quite alarming. When borrowing money from any source, how you are going to repay it should always be in the back of your mind. A lot of people don’t really think about the consequences of borrowing money and it can be easy to get complacent, but keeping it all under control should be a priority from the off. Only borrow what you really think you can afford to pay back.”