Unsecured debt highest amongst those in early thirties
According to recent data, the age group that has the highest level of unsecured debt in the UK are those in their early thirties.
Consumer debt is a rising problem in the UK and has been at the centre of concern for some time, with bad debts rising to record levels and many individuals and households struggling to keep up with repayments on unsecured commitments such as credit cards, unsecured loans, store cards, and more.
And according to the result of a poll that was conducted for the Alliance and Leicester, those in aged in their early thirties are bearing the brunt of most of this unsecured debt, with age group coming out as having the highest levels of unsecured debt in the UK. The survey showed that consumers aged 30-35 years have average unsecured debts of around £5,863, which equates to nearly 30% more than the national average.
In addition to this, the poll suggested that people in their early thirties were the most likely to miss repayments and make late repayments, and the most likely to make only the minimum repayments on financial commitments. Officials from the Alliance and Leicester that the younger age bracket of consumers aged between 18-29 were not in the same kind of debt, but this could be because they are dealing with student loans.
According to one official from the Alliance and Leicester: "The early 30s are a transitional age where careers are taking off and before family responsibilities kick in. Many are buying their first homes at this point, but are also enjoying rapidly rising salaries and are keen to enjoy life to the full. Some, particularly those not trying to get on the housing ladder, may find themselves in financial difficulty as a result living beyond their means."
Tom Smith
24th April 2007
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