/24-7PressRelease/ - LONDON, UK, February 25, 2006 - A latest research study has indicated that single persons are more in debt than married ones. Single people take more unsecured loans to free themselves from financial stress. This has led to a situation wherein single people owe more money to finance institutions than married ones.
According to a latest research, British single people owe more money to finance companies and banks than those who are married.
There are more than a million British singletons that owe more than 10,000. This shows that the number of those singletons taking unsecured loans of this level is almost double than their married counterparts, a study by debt advisor One Advice has found.
The study has also indicated that there are four times as many singletons with unsecured debts of more than 50,000 than there are married people with debts topping this figure.
Chris Holmes, chief executive of One Advice, remarked, "Living alone can obviously put a greater strain on your finances as you only have one salary covering all of the bills."
"This can be particularly difficult if you are trying to buy a home," he added.
The problem of unsecured debt among those living on their own is expected to rise further as the number of singletons is likely to rise in the coming years. In other words single people are increasing the bad debt of the nation.
Mr Holmes said that being single does not always mean that you are inevitably going to take more and more loans.
He spoke of the importance of budgeting and said that one should not spend more than one's earnings. There should be a balance between your earning and your expenditure. It is also important to identify which costs can be reduced or cut out completely so that you don't fall in the need of taking a loan.
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