Men’s debt woes eclipse that of women

28/04/2011

New research by moneysupermarket.com indicates that the average amount of personal debt held by Britons today is is £8,431, excluding mortgage debt.

On average, men owe 24 per cent more than women - £9,403 compared with £7,593.

Men also allow themselves to fall further into debt before they become worried about their finances, with the average `worry tipping point` being £12,018 compared with £7,547 for women.

While borrowers start to worry about their finances when their reaches £9,767, the research found that people only tend to seek paid professional advice when their debt reaches £19,478.

One in ten of those surveyed said they can only afford to make the minimum monthly repayments towards their debts.

Tim Moss, head of loans and debt at moneysupermarket.com, said: "Whatever you do, burying your head in the sand is not an option, especially when there is a range of help available."

According to figures published by swiftcover.com, financial pressures like debt are proving to be a source of worry for 42 per cent of people.

The biggest concern with 61 per cent of consumers relates to the growing costs associated with petrol.

Senior manager for swiftcover.com Amanda Edwards admitted that this year has not been an easy one for the UK so far.

She said: "We're feeling the pinch and worries over money are very much a reality for a large portion of the population."

Compared with this time in 2010, around one quarter of people now feel less happy, the research additionally suggested.

Tags; Current UK Economy, Housing Debt and Bills, Income Worries and Debt, Debt Management and Banking, Credit Card Lifestyle,

• Share
• 
• 
• Store
• 
• Follow
•