Some early 30s 'living beyond their means'
Published On 20 April 2007
People in their early 30s are the most likely age group to get into financial trouble and need debt relief services, a new report indicates.According to Alliance & Leicester, the so-called 'Friends generation' has the highest borrowing of any age group and is the most likely demographic to miss repayments and end up in serious financial difficulty.
Typically, people in their early 30s spend the highest proportion of their income servicing the interest on their borrowing and have unsecured debts of £5,863 - 29 per cent more than the national average.
Equally, people in this demographic are the least likely to manage their debt well, they are the most likely group to miss credit card repayments and are the most regular users of overdrafts.
"The early 30s are a transitional age where careers are taking off and before family responsibilities kick in," explained Chris Rhodes, the director of retail banking at Alliance & Leicester.
"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.
Figures from a leading charity indicate that the total amount of consumer debt in the UK reached £1.3 trillion earlier this year.
