One third of Brits have sleepless nights worrying about debt

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A new survey has revealed that 93 per cent of us believe the UK has an issue with arrears, with a quarter of Brits agreeing that debt is now just a part of everyday life.

According to the survey by debt management company PayPlan, the average person will wait until they have a debt of £25,000 before seeking professional help.

A third of us ‘wing it’ financially from month to month, with a similar number experiencing sleepless nights or problems at home because of money worries.

However, a minority are more careful with their finances with a fifth of those surveyed using spreadsheets to keep their finances under control.

The top 5 cities that came on top for the highest debt before seeking help were:

1. Birmingham: £59,832

2. London: £36,423

3. Edinburgh: £19,602

4. Liverpool: £18,739

5. Norwich: £18,673

PayPlan money advice consultant, Jane Clack said: “Our findings show that whilst the vast majority of us believe the UK has a problem with debt, a frightening amount of people are willing to allow their situation to become progressively worse before seeking help.”