/24-7PressRelease/ - LONDON, UK, October 20, 2006 - The figures from Alliance & Leicester Bank reveals that divorcees have higher incidence of debts than married, single or separated people. The divorce leads to an increase in expenses and at the same time the individual income plunges. This explains why divorcees are more indebted than others.
A study by Alliance & Leicester (A&L) shows that divorcees experience the UK's highest debt burden. Such people strongly rely on credit cards and personal loans as their incomes are on the lower side. A high proportion of their incomes are consumed in debt servicing.
On an average, divorcees have 4,984 pounds worth of unsecured debts against their names. This figure is equivalent to nearly 28 percent of their annual incomes. If compared, the level of debts in the name of divorcees is higher than the debt levels raised up by married, single or separated people relative to their income.
The study shows that married people owe an average of 5,245 pounds per couple. Since married people also tend to earn more, they owe less than one-sixth (15.9 percent) of their annual incomes. It is quite less when compared to the debts owed by divorcees.
Chris Rhodes, the MD of retail banking at A&L said that splitting up gives rise to a lot of costs, including setting up a new home and it is reflected in the fact that the recently separated have the highest overall level of debt.
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