Record numbers of us are likely to take out a high-interest loan over the next six months as more and more people struggle to make their money last the month.
R3, the association of business recovery professionals, has published the claims following interviews with 2,000 people.
Of those interviewed, 60% said they were worried about their level of debt, and 45% struggled to make their money last until payday. The number of people struggling to make ends meet rose to 62% in the 24 to 44 age bracket.
The survey reveals that more people are worried about their financial situation than R3 has ever recorded before.
Worryingly, one in six of those surveyed were found to be 'zombie debtors' - only able to service the interest on their debts rather than repay the capital.
"Fewer people than last year, across the board, have borrowed money but there are still some weeks until Christmas. With unemployment figures up, we can only expect to see more people saying they are struggling to afford the demands of the festive season," says Frances Coulson, R3 president.