Four in ten Brits to seek loan within next three months

Four in ten Brits (40 per cent) believe they will require urgent financial assistance within the next three months as the cost of living weighs heavily on their shoulders.

This is just one of the many shocking findings unearthed in a Channel 5 survey on UK debt, which shows that millions of Brits would have to take out a loan to pay their bills just one month after leaving their job.

Cited by express.co.uk, the survey also revealed that while four in ten people can envisage applying for a loan in the coming months, one in ten is so close to a financial meltdown that they're currently living week-to-week just to get by.

What's making matters worse is a lack of people willing to take responsibility for their financial plight. Just 38 per cent of the group surveyed by Channel 5 said it was up to the individual to keep on top of their finances, which heaps the pressure on lenders.

Christian Guy, director of the Centre for Social Justice, has attributed the survey readings to years of increased borrowing brought on by the rising cost of living.

Mirror.co.uk says results from the survey have been released in the lead up to Channel 5's 'The Big “Can't Pay” Debt Debate', which airs tonight (March 17) at 10pm.

Guy Davis, the channel's commissioning editor of factual programming, promised a “raw, passionate and relevant” review of the current situation.