Women in UK incur huge debt through unsecured personal loans which they spend on shopping and fashion.

As per the recent research on spending habits of women in UK by price comparison site Uswitch.com, the female population of the country owes unsecured loans of more than £20 billion and overdraft debt of £4.6 billion with the average summing up to £515.

Around 72% use credit cards, store cards, unsecured loans and overdrafts to finance their shopping. This leads to high level of unsecured loans where the average reaches £11,337.87 approximately. This implies that an average women has a debt of £8.092.97, which is more than that of the average British woman by £7,000. Three fourth of this amount is generated from fashion shopping and grooming.

Women in UK repay all their debts they incur through unsecured loans, overdrafts, store cards and credit cards gradually. They do not repay their loans quickly, instead an average shopaholic woman repays her debts in about 11 months as stated by the research.

According to Ann Robinson, Director of Consumer Policy, for Uswitch.com, '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.'

Uswitch.com

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.