Thirtysomethings in ‘financial difficulty’

Borrowers in their 30s have the greatest difficulty with debt, a new study reveals.

According to research by Alliance & Leicester those in the age group have debts on unsecured borrowing some 33 per cent higher than the national average of £5,863, reports the Guardian.

The study also indicated those in their 30s are the most likely to miss loan repayments.

Director of retail banking Chris Rhodes said that those in their early 30s have such debt management problems because they are experiencing a "transitional" financial period.

He suggested: "Many are buying their first homes at this point, but are also enjoying rapidly rising salaries and are keen to enjoy life to the full.

"Some, particularly those trying to get on the housing ladder, may find themselves in financial difficulty as a result of living beyond their means."

Mr Rhodes also reported a "hangover of student debt" was preventing those under the age of 30 from taking out other forms of credit, thus "delaying their ability to get on the housing ladder".

Earlier this week, Find.co.uk suggested that by undergoing a financial "spring clean", consumers of all ages could save thousands of pounds which may help many with secured personal loans repayments.

Interfinancial providing you with breaking personal loans news.