Singles think more about insolvency
Updated on 01 May 2008
Single people are twice as likely to consider declaring themselves insolvent as their married counterparts, a survey showed.
Around 9% of people who are single said they had thought about going bankrupt or taking out an individual voluntary arrangement (IVA), compared with just 5% of those who were married, according to financial information website iva.co.uk and Tuxedo Money Solutions.
The research found that 7% of single people had considered taking out an IVA, under which interest on debt is frozen in return for a set amount being repaid each month, something 4% of those who are married had considered doing.
A further 3% of both single people and those who are married had also thought about declaring themselves bankrupt, with some people considering both options.
People who were not in a relationship were also more likely to be struggling with debts than those who did have a partner, at 18% compared with 15%.
But married people had run up bigger debts, owing an average of £80,180 in secured debt, compared with around £57,890 for singletons.
Andy Davie, spokesperson for IVA.co.uk, said: "For years, borrowers have been able to obtain credit with relative ease.
"The economic boom of the last 10 years has encouraged high expenditure on the high street via credit cards and personal loans, with single people in particular apparently spending beyond their means, while married couples wrestle with rising mortgage repayments."
:: The research was based on responses from 1,000 people questioned during April.
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