Britons’ clothes-spending ‘gives them 6K debt’
People in the UK spend over £6,000 in their lifetime on unwanted clothes and shoes, it has been reported.
Research from Scottish Widows also shows that Britons often lie about their threads - 60 per cent claimed to have bent the truth over the cost of what they were worth.
While this is more common in women (70 per cent), 57 per cent of men also admitted to deceiving people over the price of their clothes.
And with the summer holiday season approaching, shopaholics may be looking to spend a large amount on new outfits, with personal loans possibly high on the agenda in order to cover the cost.
"Shopping may be fun but, as this study shows, a large proportion of the money we spend on clothes and shoes is going to waste in our wardrobes instead of staying in our wallets," said Mike Hoban, customer and brand marketing manager at Scottish Widows.
A study from Credit Action recently found the UK's personal debt mountain to stand at over £1.3 trillion.
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