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Brits in debt until aged 50

The average British male and female will live in debt until they are 50 and 47 respectively, it has been revealed. According to a study conducted by Your Money Matters, the mean age after which point we are free of credit card debts, student loan repayments and personal loans is 50 years and 90 days. Up until this state the average Briton owes £10,306, with the typical man in debt to the tune of £12,631 compared with the average female's debt of £7,982. However, the landmark age of 50 cited by the research does not include mortgages, meaning that in fact Britons do not become free of debts until much later. A spokesman for Your Money Matters said: "As the cost of living continues to increase, we're being forced to save through our 20s and delay the major milestones of life until our 30s. "Kids cost an average of £186,000 each and you get little change from £20,000 from a wedding. On top of that, the average cost of a house is now well over £200,000 so we're not even getting on the housing ladder until the grand old age of 34."He added: "All of this, and with the average British salary of just £25,986 for men and £20,488 for women, means it is no surprise that the majority of us are hitting our 50s before shaking off the shackles of debt."

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