Men are more in debt than women

The average Briton has debts of nearly �3,500, according to new research.

Of 2,000 people surveyed only 21% planned to pay off what they owed in the next six months, according to The Mortgage Lender.

Men are in more debt than women owing on average �3,741 excluding their mortgage, compared with women's �2,880.

However men also plan to pay more back during the coming six months, at �813 or 22% of their debt, compared with women's �593.69 or 20%.

Those aged between 45 and 54 owe the most, being an average of �3,676 in the red.

Burden of debt

Tim Kirby, managing director of The Mortgage Lender, said: "It is concerning to see the extent of the debt people can find themselves in, and of this, how little they are able to pay back within the course of half a year".

He said people may estimate when they will be able to pay off their debt but he warned that interest rate changes and fluctuating financial circumstances may force them to extend their debt.

People living in Wales have the highest debts, owing an average of �5,309.

They also plan to pay off the least in the coming months, expecting to reduce their debt by just 7.5% or �401.

Those in the East Midlands are the least in the red, owing around �2,000.