The report reveals that the female population of the country owes unsecured loans of more than £20 billion and overdraft debt of £4.6 billion with the average summing up to £515. Also, 72% (approx) women in Britain are using credit cards, store cards, overdrafts and unsecured personal loans to finance their shopping and grooming requirements.
The average individual debt for each of the shopaholics is over £11,000, with over 8,000 of this amount being spent on grooming and splendour. The research also highlights the fact that most of the shopaholics are taking up to a year to pay off their debts rather than trying to clear them straight away.
According to Ann Robinson, Director of Consumer Policy, for Uswitch.com, “Fat used to be a feminist issue, but it looks like it's been overtaken by debt”. She is of the opinion that indebtedness because of shopaholicism is the result of easy accessibility to loans, credit cards and store cards.
Highlighting the need for consumers to take some personal responsibility for managing their own financial situation, her advice to shopaholics is to shop around for the best deals and providers.
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry.
He has done her masters in Business Administration and is currently assisting Chance4finance as a finance specialist. To find a Unsecured Loans ,that best suits your needs, visit chance4finance UK.