Credit Cards & Loans
High earners in most non-mortgage debt
Aside from their mortgage, people who earn between £40,000 and £70,000 typically owe £3,000, £577 more than the average Brit.
High earners are also more tolerant of debt levels and are happy to accumulate debts of over £5,000 before they begin to worry. In contrast, those earning below £40,000 grow nervous when their debt nears the £4,000 mark.
The point at which higher earners would seek professional help is also far higher at £7,067, compared to £5,213 for the average Brit.
The study by uSwitch.com also found that men generally borrow the most, despite typically earning more than their female counterparts. They owed £769 more than women in the last year, but tended to be less worried over their debt levels in general.
Michael Ossei, personal finance expert at uSwitch.com, said: “People are running out of ways to fund their ever-increasing household bills, and with salaries failing to deliver, many are being forced to turn to debt just to stay afloat. But it’s easy to borrow just a bit too much and then find yourself in over your head.
The report also found that almost one in four borrowers will take at least three years to pay off their debt, while 7% do not think they will ever be debt-free
Related Posts
Tag Box
There are 0 Comment(s)
Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?
Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...
Is now the time to fix your energy deal?
Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...
Everything you need to know about the pension triple lock
Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts
A number of banks are luring in new student customers with cold hard cash this year – while others are compe...
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Money Tips of the Week
© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.