Average South Yorkshire adult owes £5,050 claims research

The average adult in South Yorkshire owes more than £5,050 to their creditors, according to research.

Insolvency trade body R3, which carried out the study, said it was slightly lower than the national average of £5,534, but still equated to more than 10 weeks of average earnings, as well as seven months’ average rent.

The poll also found 3 per cent of adults in Yorkshire owe more than £20,000 aside from their mortgages and student loans.

Gareth Self, Yorkshire R3 committee member and insolvency practitioner in the P&A Group of Companies in Sheffield, said: “The fact the region’s average personal debt is equivalent to almost three months’ wages is a cause for concern.

“That’s a lot of ground to make up if debts need to be repaid quickly.”