Almost three quarters of UK adults currently have some form of unsecured borrowing as UK consumer debt now stands at £240bn according to MoneySuperMarket.
The research reveals that almost a fifth of 18-34 year olds (18%) owe more than £10,000 compared to just 5% of over 54 year olds.
Kevin Pratt, consumer affairs expert at MoneySuperMarket, said: “Inflation rose to a 32-month high in February 2017, hitting 1.8%, which means the pressure on household spending is building.
“With the UK facing an uncertain economic future, households should be taking whatever steps they can to get their finances into the best shape possible.”
Those living in the capital in debt owe the most money with an average of £10,244 which is 61% higher than the national average.