A survey carried out by MoneySupermarket.com shows that the average amount of monthly debt per person is £322. This equates to 25 per cent of the average monthly income for a UK adult, currently standing at £1,288.

The research also found eight per cent of people said they spent over 80 per cent of their wages repaying debt, showing how stretched the nation's finances are, with men holding the greater proportion of personal debt (excluding mortgage) of £7,944 on average. Women, by comparison owe on average £6,739, fifteen per cent less than men.

With many using over 40 per cent of their wages each month to pay off non-mortgage debt, a large proportion of the public are regularly eating into their available income and have less money available  to deal with bigger bills and meet increasing living costs

It seems that Londoners have the highest amount of personal debt in the UK, owing £8,478 on average, compared to those in say Yorks who owe £5,796. However, those in London use less of their wages on average in paying off debt than those further North.

Tim Moss, head of loans and debt at MoneySupermarket.com said: "With the cost of living continuing to rise, consumers are feeling the squeeze on their wallets more than ever. It's therefore worrying to see such a high number of people needing to use so much of their income just to service existing debt. However, making the most of every pound really does count when it comes to the end of the month, and it's vital that those needing to repay debt are doing so using the best method.

"The golden rule for consumers is not to borrow money unless it is absolutely necessary. Anyone feeling the pinch needs to go through their finances making sure monthly outgoings are covered by what's coming in each month. For those seriously struggling to keep up with payments, I would advise seeking debt advice from one of the free debt advice charities who can help them get their finances back on track.