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The average Briton will celebrate their debt-free birthday at the age of 69, 12 years later than they anticipate, according to a new report from the Centre for Economics and Business Research (Cebr).

While consumers expect to be free of unsecured debt (e.g. credit card, loans and store card balances) and mortgage liabilities by 57, this new research now highlights this as unrealistic. In fact, Britons are likely to be 64 by the time they are free of unsecured debt and 69 if you include mortgages. Indeed, the average 55-64 year old today still has £29,100 of debt.

Average household debt up by nearly 18 per cent since 2007.

The average debt held by individuals has increased by almost a fifth (17.6 per cent) since just before the financial crisis in 2007, reaching an average of £49,200 for all debt, £4,100 of which is unsecured. While the most commonly cited reason for taking on debt is the financial inability to fund something upfront (44 per cent). Britons take on a variety of loans, with the most popular being credit card (41 per cent), followed by unsecured loans (21 per cent) and student loans (19 per cent).

Despite having the most unsecured debt and owing £14,200 on average, today’s 16-24 year olds are the most optimistic anticipating an unsecured debt free birthday of 38. However, they are unlikely to be free of unsecured debt until the age of 66 if they do not become homeowners and 74 if they do. Worryingly, almost half of 18-24 year olds (49 per cent) do not know what debt consolidation is.

Paying off unsecured debts is a struggle for almost three in ten (27 per cent) Britons and a quarter (24 per cent) admit that because of their debts, they are afraid of what the future holds. A further fifth (21 per cent) have sleepless nights thinking about their debt and a sixth (15 per cent) is afraid to answer their door or phone because of their creditors. Even with such repayment concerns, only a quarter (24 percent) has sought to consolidate their unsecured debt despite the savings potential.

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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Please, don't become average!

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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Just now, Pipers said:

to be honest apart from mortgage car and student debt one should ask do i really need this item.

To be honest, no one needs to get a car loan. Everyone can afford a cheap motor to get to and from work, without getting a loan. The only reason to get a car loan, is to buy a car more expensive than you need in order for it to act as a penis extension, (or in some cases enlargement) .

 

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This is more the state of our nations financial sense and spending habits then of any outside influence.

We're a national of, want that and want it now. Pay for it later, or never and defualt and cause  more debt on top

I'm a strong believer in toning back the maths education within secondary schools and introducing finance class's.

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How can a 16-24 yr old owe £14,200?

The article suggests 50 years of debt!

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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I was a nightmare when I was younger.  In my 20's it was flash cars, sports bikes and even a speed boat along with lots of debt.  I did enjoy myself though :)

I have now just turned 40 and after having my daughter at 32 I really grew up.

I am now in the position (along with my wife) of having no unsecured debt.  No loans, store cards, car finance or credit cards.

The only remaining debt is my mortgage with £46k left on it but my assests inc. gold/silver/shares come in at about £55k so overall I am in positive territory.

If all goes to plan I should be completely debt free by 45.

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