UK singles 50 times more likely to face heavy debt, says report

Singles in the UK are far more likely to be heavily in debt than their married peers, a new report has claimed.

The report, from debt advisor One Advice, has revealed that more than a million single people in the UK have debts of more than £10,000 on homeowner loan offers, credit cards and overdrafts.

Singles are 50 times more likely to have debts of more than £10,000 than married people, claims One Advice, and four times more likely to have unsecured debts of more than £50,000.

“Living alone can obviously put a greater strain on your finances as you only have one salary covering all of the bills,” said Chris Holmes, chief executive of One Advice.

“This can be particularly difficult if you are trying to buy a home.” The problem is increasing as the number of single-person households rises, said the report, but there is no reason for the two to go hand-hand, added Mr Holmes.

“Living alone does not have to mean huge debts if you have careful budgeting,” he said.

“However, if you do face financial difficulties, it is important to sit down and draw up a list of all your outgoings and match these against your income.

“If you are spending more than you are earning, it is important to identify which costs can be reduced or cut out completely.”

© Adfero Ltd

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