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Debt nears £10,000 before it`s `worrying`

On average, it seems people don`t tend to worry about their debts until they owe nearly £10,000.

Recent research from moneysupermarket.com provides quite a few interesting figures. For example, people might start worrying when they`re carrying an average of £9,767 in non-mortgage debt, but it`s not until £19,478 that the average borrower will seek paid debt advice. And 48% said they`d never pay for debt advice.

The findings also indicate some real differences between the genders. Men, on average, are carrying more personal debt - £9,403 in total - than women, whose debts total an average of £7,593.

There are regional differences too, of course. The highest `worry tipping point` as it`s called, can be found in the North East, where debts tend to reach £14,269 before people start worrying about them.

A spokesperson for the IVA Advisory Centre commented on the figures. "It`s easy for debt to grow, but bringing it down can be a different matter. So it`s important to address potential debt problems before they have a chance to get any worse - in general, the earlier someone takes action to start reducing their debts, the easier they should find it to make some real progress."



The IVA Advisory Centre is a licensed Insolvency Practice, offering expert debt advice as well as IVAs and a comprehensive range of other debt solutions. If you are in debt and would like to explore your options, contact one of our advisers today.