As per the reports, about 6 million people in the UK are unable to clear their debts; it was found that the average person of the UK owes £8,000. More than 60% of people reported that they will never be debt-free and were often worried about personal debts. Many adults were also found that they maxed out their credit cards and more people are predicted to take more loans this year. The UK was placed on one of the highest internal debts among other European countries.

The survey findings are showing concern over bad credit scores and loans; a survey revealed that people of age above 23 to 45 have the highest bad credit ratings, and teenagers of age 18 -19 were found having a much lesser bad credit score. Some companies are targeting people with bad credit in the UK to move to the Irish market. Poor credit rating has led to worsening offers provided by financial companies, and better scores are sometimes offered with 3% APR.

The UK debt amounted to £1.7 trillion in the year 2017, and the interest rate may increase as the government faces a deficit. Financial experts believed that many households are failing to clear credits as the living expenses are exceeding the income. 40% of the people are behind bills and are seeking more loans. It was also reported that low-income households are most affected.

The financial situation is not under control in the UK, and about 38% of parents take a loan to buy something for their children. National statistics found that the overspend and shortfall of more than £20 billion are paid from borrowed money. Nearly 30 years after the 1980s financial crisis, the UK recorded the highest debt ever in history. For more information please visit https://cataloguesforbadcredit.co.uk/

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