Wednesday, September 8, 2010
Category:
Consolidation
Despite the challenging economic environment, four million British women are ‘in the grips of shopaholicism’ according to new research conducted by uSwitch.com.
Findings show that on average, female shopaholics spend £2,436 per annum on clothes accessories and grooming, which equates to 51 percent of their total disposable income. It was found that while 33 percent claim to have ‘reined in shopping trips’ as a result of the economic climate, the shopping behaviours of 23 percent haven’t changed whatsoever. In a bid to ‘cheer themselves up’, the research uncovered that 4 percent are actually shopping more.
uSwitch.com believes that the ‘use of easily available unsecured credit to finance fashion purchases is contributing to a vicious circle of spending and debt’. It was found that 50 percent of female shoppers fund their shopping sprees by using a combination of loans, overdrafts, credit cards and store cards. However, when it comes to female shopaholics the figure reportedly stands at 74 percent.
Although the research has shown that women spend a greater proportion of their disposable income on shopping, uSwitch.com has discovered that a ‘new wave of metrosexual men have embraced the internet shopping revolution’. In fact, this is said to have led to three million male shopaholics; each with personal shopping debts to the tune of £3,425.
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Homeowners who have multiple credit and store cards, could consider taking out a secured loan for debt
consolidation. One of many finance options available, a secured loan for this purpose could leave borrowers with just one monthly repayment as opposed to juggling several. What’s more, this single monthly repayment could even be less than the sum of current outgoings. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
