Latest Debt News
47 'magic age' for getting out of debt
17/07/2008 17:12:00
The "magic age" for getting rid of debt is around 47 years old, according to one financial expert.
Fool.co.uk has suggested this is the level at which proportionately the number of people with debt is less than people without it.
David Kuo, head of personal finance at Fool.co.uk, said: "It only takes a minute to whip out your card and get into debt, but getting out of debt can take years … it is nice to see light at the end of the debt tunnel, even if it is only when we reach 47."
Compared to two-thirds of people who possess credit-card debt when they are 28, the research shows this percentage falls to half when people reach their mid-30s.
Total personal debt in the UK at the end of May 2008 stood at £1,443 billion, according to figures from money charity Credit Action .
Consumer credit lending in May alone was £223 billion, which had risen by seven per cent in the past 12 months.
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