Around 30% of 18-34 year olds in Wales failed to meet bill and credit repayments in the past year, Consumer Focus Wales said.
The research showed that 18% of the Adult population of Wales had fallen into debt, that's around 420,000 people!
This isn't a lifestyle choice however, for many, borrowing was seen as a necessity, with around a fifth of those questioned turning to credit to help pay for everyday expenses, and 13% borrowed simply to pay the household bills.
Lindsey Kearton, senior policy advocate at Consumer Focus Wales, said: “Our research shows there may be a “ticking time bomb” in terms of people’s ability to cope financially over the coming months,” she said.
“There are already signs that consumers might be overstretching themselves.”
She said likely cuts to financial support services needed to be properly managed to ensure people continued to get the advice they needed.
“Bringing in tighter controls on rogue and irresponsible lending will also help long-term,” she added.
If you want to discuss debt problems with a local Welsh debt advisor, contact us now using our simple form, or call 0800 988 7701.
