UK Women Become Spendaholic with Unsecured Loans
Personal_Finance / Debt & Loans Mar 24, 2007 - 11:29 PM GMTBy: Submitter
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.'
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