Shopaholic women are £35billion in debt
Women have amassed a debt mountain of £35billion, latest figures claim.
They owe £20billion in unsecured loans, £11billion on credit cards and £4.6billion in overdrafts, according to research out today.
The debt crisis is being driven by 765,000 shopaholics who have spent more than half of their unsecured debt on fashion, according to the report.
Female shopaholics are typically saddled with £11,337 in unsecured debt – £6,270 more than the average.
More than £8,000 of this is spent on clothing and personal care products, the study for price comparison website uSwitch found. The spendaholics tend to be under 25, spend 14 per cent of their disposable income on fashion and are found mainly in cities such as Manchester, Liverpool, Birmingham and Bristol. They take an average of 11 months to clear their debts.
Ann Robinson, uSwitch director of consumer policy, said: 'Indebtedness because of shopaholicism is the result of easy accessibility to loans, credit cards, and store cards.'
Debt charity Citizens Advice said: 'People should know that just because you have been offered credit does not mean you have to take it.'
SOURCE: Metro Sunday, February 25, 2007
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