Early 30s Britain's biggest borrowers
Adults in their early 30s have a higher level of debt than any other age group in the UK, according to Alliance & Leicester's latest Borrowing Monitor research.Average unsecured debts for this age group are nearly a third higher than the national average, standing at £5,863.People in their early 30s tend to have the largest mortgage loans in proportion to their salary and pay more interest than any other age range, the study shows.The situation is set to continue for the 'Friends generation' as they are the age group most likely to default on debt repayments and only pay the minimum balance on credit cards. Overdraft facilities and personal loans are also most likely to be used by the early 30s age group than any other. Alliance & Leicester explained the trend as the result of people 'settling down' at that age while still out enjoying themselves. Two thirds of people within the age bracket co-habit with a partner and 63 per cent own their own home. Chris Rhodes, director of retail banking at Alliance & Leicester commented: "The early 30s are a transitional age where careers are taking off and before family responsibilities kick in. Many are buying their first homes at this point, but are also enjoying rapidly rising salaries and are keen to enjoy life to the full. "Some, particularly those trying to get on the housing ladder, may find themselves in financial difficulty as a result of living beyond their means."
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