Most in debt blame rising living costs

Around 58 per cent of people in the region cited this as the main cause, higher than the national average of 50 per cent. Research by insolvency trade body R3 showed the second most common reason for debt in Yorkshire was paying for non-essential items, such as a holiday (18 per cent) followed by losing their job (11 per cent).

The debts caused by job loss was substantially lower than the national average of 20 per cent.

Robert Adamson, chair of R3 in Yorkshire and Northern restructuring partner for Mazars, said: “In the past those worried about their debt spoke of one-off events, such as losing their job or partner, or something they did such as paying for an expensive holiday.

“Nowadays, rising living costs and stagnant wages failing to keep up is a reason alone, and the prolonged effects of this squeeze are taking their toll on the nation’s finances.”