Around 42% of adults admit that they are having difficulties in making it to pay-day each month.  This is leaving many needing to seek alternative debt assistance from professional debt solutions.

New research by the R3 insolvency group has found that it is frequently the 20th day of the month when many adults find themselves in financial difficulties and struggling to make it through to their next pay-day.

Around 25% of those surveyed by the group said that it was non-essentials spending that tended to leave them with this short-fall.

Around 16% felt that their difficulties were due to struggling to pay off bank loans aand mortgage repayments.

According to R3 president Steven Law, personal insolvencies have increased by 350% over the past ten years.  ""It is very worrying that over 40 per cent of the British population are finding it a struggle financially to get through the month," is his opinion.

As more and more turn to seeking professional debt relief, whether debt consolidation or applying for an IVA or bankruptcy, and with the forthcoming increase in VAT widely expected to sharply raise the cost of living, it will be interesting to see if future research shows that consumers are left struggling to make ends meet by earlier in the month.

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