People in 30s ‘more likely to be in debt’
New research suggests that consumers in their 30s are more likely to be in debt than those from other age groups.
Alliance & Leicester’s latest Borrowing Monitor suggests that people in their 30s are more susceptible to missing debt repayments than those in other age groups.
It also found that they have larger average unsecured debts, which are about a third higher than the national average.
Chris Rhodes, director of retail banking at Alliance & Leicester, commented: “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.”
Mr Rhodes continued that some, particularly those trying to get on the housing ladder, could find themselves in financial difficulty as a result of living beyond their means.
The news follows calls for more financial education for young people as a method of reducing consumer debt.
Consumers struggling with their finances may wish to seek debt help.
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