British women reliant on unsecured debt
According to the results of research carried out by the price comparison service Uswitch, many British women have become reliant on unsecured finance in order to fund their spendaholic ways.
According to the result of the research women in Britain have unsecured loans totalling a whopping twenty billion pounds, with a further four and a half billion pounds outstanding on their overdraft facilities.
The research showed that spendaholic women in Britain were using a number of forms of unsecured finance to fund shopping sprees, with over seventy percent of them using overdrafts, unsecured loans, credit cards and store cards to go on shopping sprees.
The average individual debt for each of the spendaholics was over £11,000, with over 8,000 of this being spent on shopping, fashion, and beauty. The research also showed that these shopaholics were taking up to a year to pay off their debts rather than trying to clear them straight away.
One Uswitch official stated: 'Fat used to be a feminist issue, but it looks like it's been overtaken by debt. In today's celebrity obsessed society, where women emulate the lifestyles and shopping habits of their favourite fashionistas, it's not surprising that women are becoming more interested in Size Zero than 0% APR. '
'Indebtedness because of shopaholicism is the result of easy accessibility to loans, credit cards, and store cards and highlights the need for consumers to take some personal responsibility for managing their own financial situation. By shopping around for the best deals, taking advantage of 0% introductory rates and switching utility providers to get the best available prices on household bills, women can still enjoy the pleasure-rush of a new purchase, without racking up more unsecured debt. It is all gain and no pain.'
Tom Smith
23rd March 2007
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