Recent studies conducted by a price comparison site reveals that British women owe more than £20 billion in Unsecured loans and have an overdraft debt of £4.6 billion. The study also reveals that women use unsecured credit to fund their fashion sprees, with 72% using credit cards, store cards, overdrafts, and loans.

The debts incurred by the shopaholics have reached approximately £11,337.87. Almost three quarters of this debt relates to purchases for fashion and grooming. This means that the average shopaholic has a personal shopping debt of £8.092.97, almost £7,000 more than that of the average British woman. The study also acknowledged that shopaholics are also slow in repaying their debts. Hard core shopaholics take around 11 months to start paying their credit card bills and also default on loan repayments.

You can usually borrow up to £15,000 for anywhere between six months and 10 years depending on the health of your finances.

It has been found that indebtedness is the result of easy accessibility of unsecured loans, credit cards and store cards. The recent declarations by high street banks like Alliance & Leicester and HBOS said that their unsecured debts have increased considerably in the last yaer and so they have become more stringent while granting Unsecured loans, especially to bad credit borrowers.

Source: news.google.co.uk