A recent survey by internet money site uSwitch in ha revealed that there are more than 750,000 serious shopaholics across Britain, and Birmingham’s women are the biggest fashion spenders, splashing out an average of £1,813.56 each year on fashion and grooming.
The shopaholics shop at least once a week and spend almost £200 a month. While the average woman shops less than thrice a month for not more than £90 in total. Most shopaholics have an average shopping debt of £8092 and most of them admit using their partner’s credit card while shopping.
Ann Robinson, of uSwitch, blames easy access to loans, credit cards and shop cards for such irresponsible shopping patterns. Use of unsecured credit to finance shopping trips is common to shopaholics with almost 72% admitting to using a mix of credit cards, store cards, overdrafts or loans to fund their shopping sprees. The average personal debt stands at a shocking £11,337.87 per head.
Repayment research revealed that spendaholics take an average of more than 11 months to ditch their debt. The shopaholic who earns £18,959 per year on average, slightly more than the average British woman (£17,784) saves only £4,485, which is much less than the average British woman, who saves £10,525 annually.
