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Average Briton is 8,431 In Debt
06/05/2011
According to financial website moneysupermarket.com, the average person now owes £8,431 on credit cards, loans and overdrafts; although they say they would not become concerned until this figure had risen to £9,800. Even then, most people would wait until their borrowings had more than doubled to £19,478 before they sought paid advice.
Men owe significantly more than women, at an average of £9,403, compared with women's £7,593, and they would also wait longer before they felt the situation had got out of control, saying they would not worry until they owed more than £12,000, while women said they would become concerned when their debt reached around £7,500.
One in 10 said they could only afford to make the minimum repayment on what they owed, suggesting it will take them years to sort out their situation, and 7% said they thought debt would always be a burden in their life.
Homeowners aged over 55 years who are concerned about rising debt and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.uk for equity release advice.
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