MANCHESTER, ENGLAND, January 05, 2012 (Press-News.org) The report from Moneysupermarket.com revealed that the average amount of non-mortgage debt paid off each month is GBP322 a month, around 25% of the average monthly net salary for a UK adult, while a shocking 8% claim to have spent over 80% of their wages repaying debt. And despite women having the reputation for being prolific shoppers, it is men that appear to have 15% more personal unsecured debt compared to their female counterparts - on average GBP7,944 compared to GBP6,739.
MoneySupermarket.com's head of loans and debt, Tim Moss, said: "With the cost of living continuing to rise, consumers are feeling the squeeze on their wallets more than ever. It's therefore worrying to see such a high number of people needing to use so much of their income just to service existing debt."
Londoners are trying to cope with the highest amount of personal debt anywhere in the UK - on average GBP8,478 - compared to Yorks and Humber residents who owe an average of GBP5,796. However, the North/South discrepancy between wages makes Northern residents feel the pinch more as their debts consume 28% of their debts, while Londoners only use 22% of their wages despite owing more.
A spokesperson for Insolvency Company, Debt Relief Order, said: "It's shocking to see how much unsecured personal debt is eating into the income of the average Brit. This level of debt repayment month after month, year after year, can seriously affect someone's mental and physical health. From working overtime or taking a second job to generate extra income to slashing expenditure and curtailing enjoyable activities, everything about debt can drag you down and affect every aspect of your life.
"It's also interesting that men seemed to be the ones with the highest debt, while women seem to owe less. This would appear to fly in the face of what we believe about how the genders spend money - it's usually women who are thought to spend more on shopping. Also as they earn proportionally less than men, you would think they would take longer to pay off those debts, but this research contradicts this and many debt counseling services bear confirm these figures time and again.
"There could be many reasons for why women appear to have lower debt. Women are more likely to seek help for their debts sooner than men, so they sort out their problems faster and perhaps that helps them save money on interest payments. Also women may have a better eye for a bargain than men so they can seek out the best financial deals on credit cards and loan rates."
Debt Relief Orders provide free help and advice on the DRO debt solution. A DRO is a form of insolvency and is ideally suited to people who have debts less than GBP15,000 and no assets. Debt relief Orders can administer your DRO for you saving the hassle of all the paperwork, giving you more time to concentrate on sorting out your finances. See if you qualify for a DRO now!
Website: http://www.debt-relief-orders.co.uk
One in Four Brits Spend 40% of Take-Home Pay on Debt Payments, Reveals Debt Solutions Company, Debt Relief Orders
New research has shown that Brits finances are stretched like never before, with one in four spending over 40% of their take-home pay on unsecured debt repayments every month, says Debt Solutions Company, Debt Relief Orders.
2012-01-05
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[Press-News.org] One in Four Brits Spend 40% of Take-Home Pay on Debt Payments, Reveals Debt Solutions Company, Debt Relief OrdersNew research has shown that Brits finances are stretched like never before, with one in four spending over 40% of their take-home pay on unsecured debt repayments every month, says Debt Solutions Company, Debt Relief Orders.