20m adults concerned about debt
The number of debt-ridden adults who worry about their finances has risen by 8pc since February, according to a survey by insolvency trade body R3.
One fifth of UK adults say they are "very" or "extremely" concerned about their current debts.
Worryingly, 42pc of adults said they struggled to make it to pay day, with most saying the high cost of living was to blame.
Liz Bingham, president of R3, said: "Although the economy is starting to pick up, many families are finding themselves left behind, weighed down by the cost of the day-to-day.
"There is a sizeable chunk of the population in a very precarious position. They are renting, they have no savings, and they are only able to pay off the interest on their debts without making any headway into the principal. These people have no financial buffer to cope with any increase in the cost of living."
More than 12 million Britons said they had no savings.
The number of 'zombie debtors' – those who can only repay the interest accrued on the debt rather than the orginal sum - has increased since February.
Ten per cent of UK adults admitted to only paying the interest on their credit card bills, up from 7pc in February. Another 7pc of UK adults said they were only paying the interest on their overdraft, rather than tackling the principal. This was up from 4pc in February.
Britons most worried about forms of debt were credit cards (42pc), mortgage repayments (22pc) and overdrafts (20pc).
Liz Bingham said: "Credit cards and mortgages may still be the biggest debt concerns, but their dominance has decreased over time. The credit market is becoming increasingly fragmented as traditional sources of credit become harder to access.
"Other types of debt, such as payday loans, have become established as a concern for those with money worries over the past few years as their popularity has risen."
Ten per cent of those surveyed said they worried about debt from payday loans.
Goay Joe Lie
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