February 19th, 2007
Brits flash fashion cash despite debt
A rising number of Britons are increasing the amount of money they spend on fashion despite growing levels of consumer debt, a new survey reveals.
In a study by Prudential Home Insurance, 25 per cent of consumers were reported to own at least £2,000 worth of shoes, clothes and accessories, as Britain’s personal debt exceeds the £1 trillion mark.
Media relations manager Phil Southgate said: "It is concerning that despite the average Brit being in £27,455 worth of debt, many are still prepared to spend so much on fashion regardless of whether they have a steady income."
He added: "The increasing popularity of low-cost clothing shops means that people are encouraged to spend money on a regular basis with the growing trend for disposable clothing."
Meanwhile 69 per cent of those not on a steady income reported that they have bought clothes only to have ‘forgotten’ about them.
According to a study by the Consumer Credit Counselling Service (CCCS), men over the age of 60 struggle most with debt management, owing an average of £36,940.
The CCCS also reported that those aged between 40 and 59 were found to experience debt management problems.
Interfinancial providing you with breaking debt management news.track
Source:
www.1stopfinanceshopuk.biz
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk
