Consumers in their early thirties carry most unsecured debt

The problem of rising consumer debt in the UK has been a concern amongst both industry professionals and consumers for some time, and according to recent figures the majority of unsecured consumer debt in the UK is carried by those in their early thirties. Research shows that those aged between 30-35 in the UK hold the highest levels of unsecured debt. With financial commitments such as credit card, unsecured loans, store cards, and other forms of unsecured credit.

The Alliance and Leicester initiated the research, and found that this was the age group that held the highest level of debt that was not secured against any asset. The average debt of consumers aged between 30 and 35 was nearly £6000. This figures is nearly thirty percent more than the national average, reflecting the level to which this particular age group is bearing the brunt of the UK's unsecured debt.

As well as being the age group to have the highest level of unsecured debt, those in their early thirties are also the most likely to make late repayments or miss repayments altogether, as well as being the most likely to make only the minimum repayment on debts. This is an age group that has been brought up in a culture of increasing debt, and many may have been in debt for years, since their twenties or even earlier.

One officials from the Alliance and Leicester stated: "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
22nd May 2007