One in six people in Britain claim that their debts are causing them difficulties, according to R3 – The Association of Business Recovery Professionals, who represent 97% of the country’s Insolvency Practitioners. Of those surveyed with the worst debt problems, 21% say illness is a factor, and 33% highlight redundancy. Over half of 18 – 24 year olds have student debt that they are servicing, and one in three of 25 – 34 year olds are still paying off student debt.

However, many adults simply say that easy access to credit, overspending and a desire to buy cars, take holidays or have what they want when they want it are the factors behind the meteoric rise in Britain’s indebtedness.

These preliminary findings are part of an R3-sponsored survey of British attitudes to debt, carried out by market research experts YouGov. Every quarter, the public will be comprehensively surveyed about the levels of their mortgage and non-mortgage debt. Their attitudes to debt will be recorded across the population as a whole and comparisons made against age, earning power, gender and social grade. Each quarter a debt index will be produced which will show the level of mortgage and non-mortgage debt against average gross personal income.

Commenting on the R3 debt index, the President of R3, insolvency lawyer Patricia Godfrey said: “ Our members see the misery that high levels of debt can cause, as it is our Insolvency Practitioners who pick up the pieces when the debt become unbearable. What we will be producing here is a barometer of the increasing indebtedness across Britain. It will provide us with an important insight into the underlying causes of the burden of debt, and changing attitudes towards it.”

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