More young people are seeking help for personal debt according to the latest UK Personal Debt Index (PDI).
The first quarter of 2017 saw a rise of 7.8 per cent in the figure for consumers aged 20-25 seeking support for personal debt in their finances.
It is thought that the rise may have come from increased financial pressure over the holiday period.
CEO of Creditfix, Pearse Flynn commented: ‘Christmas can be an expensive time of the year, and the extra spending throughout November and December seems to have impacted heavily on young people?s finances in particular.’
He continued: ‘There is a lot of pressure to spend during the festive period – presents, staff parties, meals out, New Year?s Eve, it can really start to mount up in terms of cost. A lot of people may also put back seeking support until Christmas is out of the way, taking the positive approach to take control of their finances in the New Year
Creditfix, the UK?s largest insolvency practice, compiles the quarterly PDI index from a survey of 36,000 people.
The index showed that the average level of un-secured personal debt in the UK rose for the second quarter running, up by 2.96 per cent to ?15,081.
The UK Personal Debt Index also shows details for major UK cities, with Edinburgh recording the largest rise in consumers asking for debt assistance at 12.5 per cent.
In contrast, the biggest reductions in consumers seeking debt help were seen in Liverpool and Manchester, with falls of 30.1 per cent and 22.22 per cent respectively.
Mr Flynn concluded: ‘The PDI is an important report that allows us to track and understand the demographics and locations of people suffering with their personal finances. Any increase in the number of people seeking help shouldn?t necessarily be associated as a negative factor. There are thousands of people quietly suffering with debt, facing these issues and tackling them head on is always the best course of action.’