All of us long to become debt free, and money website fool.co.uk have predicted that 47 is the magic age! This figure represents the average age when the number of people without any unsecured debt surpasses those people who are in debt.
The antithesis of becoming debt free is at the age of 28, where over two thirds of UK adults (66%) have credit card debt. This number is likely to decline to about half the population by the time we reach our mid-thirties.
The forties are the most critical years in our life for those to be seeking debt management advice. Approximately 17% will be half way through their mortgage term and 22% will have an additional form of borrowing on their home, such as a debt consolidation loan.
There are other perks of being in our forties, as this research predicts that 41 is the age where our salary peaks, meaning that we can effectively tackle our credit card debt and enjoy becoming debt free.
David Kuo, Head of Personal Finance at Fool.co.uk comments: “It only takes a minute to whip out your card and get into debt, but getting out of debt can take years. And after the gloom of finding that our forties and fifties won’t bring us the endless salary rises we hoped for, it’s nice to see light at the end of the debt tunnel, even if it’s only when we reach 47.”