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Early 30s are UK's biggest borrowers, says study
20 April 2007 16:16
The so-called 'Friends' generation – those in their early 30s – are the UK's biggest borrowers by age group, a new study has revealed.
Alliance & Leicester's latest Borrowing Monitor research shows that Brits in their early 30s have taken out the greatest amount in loans, including mortgages. They also spent the highest proportion of their earnings on interest repayments.
Their average unsecured debt is 29 per cent above the national average, standing at £5,863 – and many of them have taken out mortgages. Around 66 per cent live with a partner and 63 per cent own their own home, perhaps explaining this last finding.
They are also the group most likely to skip or fault on repayments, however. People in their early 30s are least likely to repay credit card debts in full and most likely to send in only the minimum amount.
Furthermore, they are most likely to have an overdraft and most likely to miss out on loan repayments, if they have taken out a personal loan.
Surprisingly, 18 to 30-year-olds were the group least likely to be unencumbered with debt, while over 55s had the most responsible attitude to debt, with the greatest amounts of savings.
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