Middle-class debt revealed

11 June 2014

Some 20% of Brits earning more than £31,000 a year are in debt to the tune of thousands of pounds, new research has revealed.

A fifth of middle-class earners are in debt by between £11,000 and £20,000, according to debt settlement company Settle-My-Debt.

Some 35% admitted they got into such financial problems due to shopping, while more than a quarter (28%) blamed spending money they didn't have on holidays.

Almost half (45%) said they would never discuss their debt problems with friends or family, while 28% said they felt embarrassed about the amount of debt they had.

Nicholas Debrett, managing partner of Settle-My-Debt, said: "It's easy to believe that middle-income earners are shielded from the financial difficulties that many of us face, but our research makes it clear: personal debt is something that does affect everyone, irrespective of income. The more you earn, the more the banks are prepared to lend.

"Banks continue to make it very easy for people to overspend, particularly for those who have more options of moving money around by having a higher level of disposable income."

Last year, National Debtline helped 150,000 people tackle household bill debts - a rise of 140% since 2007.

Add new comment