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Shopaholics warned over debt levels
British women who could be described as shopaholics have been warned over their levels of debt.
In research which may interest those thinking about debt consolidation, uSwitch.com found that such consumers have an average personal shopping debt of £3,353, which is almost three times the national average.
The study also revealed shopaholics take over seven months to pay off unsecured debts, while 74 per cent also use a combination of credit cards, storecards, overdrafts and loans to fund their purchases.
Ann Robinson, director of consumer policy at uSwitch.com, said it was time for people to start taking a look at their spending habits.
She added: "Short-term debt solutions may seem an efficient way to fund spending, but they can also lead to long-term debt if not managed properly."
ThinkMoney.com recently suggested that consumers can make repayments easier by taking up debt consolidation loans.
The website added that the products allow people to easily keep track of their debts.