Loan News UK Singletons ‘more In Debt’
22 February 2006
British single people are owing more money than those who are married, according to new research.
There are more than a million British singletons owing more than £10,000, making them 50 per cent more likely to have this level of debt than their married counterparts, a study by debt advisor One Advice found.
There are four times as many singletons with unsecured debts of more than £50,000 than there are married people with debts topping this figure.
“Living alone can obviously put a greater strain on your finances as you only have one salary covering all of the bills,” said Chris Holmes, chief executive of One Advice.
“This can be particularly difficult if you are trying to buy a home.”
With the number of singletons set to rise in the coming years, the problem of unsecured debt among those living on their own is also expected to see an increase.
Mr Holmes said that being single does not mean that you are inevitably going to be more in debt.
He spoke of the importance of budgeting and said: “If you are spending more than you are earning, it is important to identify which costs can be reduced or cut out completely.”