Nine in ten of debtors suffer stress and anxiety

A survey by Comparethemarket.com has revealed consumers attitudes towards credit and how debt is impacting their lives. The price comparison site wanted to discover the main reasons why people get into debt and how it affects their lives, in particular, their relationships and mental health.

The survey found that 45% of consumers are in debt, with 25-34-year-olds the generation most likely to owe money. Those over the age of 65 are the least likely to be in debt, with just 23% of respondents within that age bracket admitting to being so. When it comes down to gender, the split is relatively even, with 5% more women answering ‘yes’ to being in debt than men.

The survey revealed that 1 in 4 consumers don’t actually know just how much debt they are in, something more prevalent with people aged 45-54, with 34% of those surveyed answering ‘no’. Respondents aged 65+ are most aware of their level of debt, with 88% saying they know exactly how much they owe, followed by 81% of 18-24-year-olds.

When it comes to credit cards, 1 in 4 consumers use them just to get by each month. However, 34% of those surveyed say they use their cards to earn cashback, points or air miles and 24% use them for protection on larger purchases, suggesting many consumers are savvy spenders.

In relationships, 1 in 4 of those with a partner surveyed admit to hiding debt from their other half, with a significant 52% revealing that it has caused issues/arguments in their personal lives. And it’s not just relationships it affects, with 9 in 10 of those in debt saying they suffer from stress and anxiety as a direct result of their debt. Those aged between 18 and 34 are more likely to worry about debt on a daily basis.