Financial experts have warned that a new ‘binge’ epidemic is sweeping the nation – ‘binge debt’.
‘Binge debt’ is a women-only syndrome, and is applicable to those who are finding it easier to get accepted for credit, benefit from a reduced pay-gap as well as being able to settle down much later in life. The difference between male and female spending equates to 139%, with the average women over 35 owing £8,219, compared with £3,436 owed by men (both of these figures exclude mortgages).
‘Binge debt-ing’ is dangerous to your financial health, with no size ‘0’ bank balance in sight meaning that women are plunging further into the red. The survey disovered that they were not generally worried about how they would repay the debt, even though some said they would be embarrassed if their peers found out that they were struggling with their finances.
The study further revealed how middle-aged men and women are running up debt struggling to support their children through university and beyond. The 45-54 age bracket had an average debt level of more than £16,800, whereas the debt level for 35-44year olds was three times less at £5,199.