Most 39 Year Old Battling With Several Loans

According to a worldwide survey, results from the study indicated that most people from the age of 39 and above are already faced with multiple loans .

Finaccord did a report that concentrated 8 countries, with Canada and the US included and discovered that the residents in North America are at a higher chance of already having a mortgage, unlike those in Germany and France that might only have bank overdrafts to be settled off.

An observation was made by Claire Michaud, a Consultant at Finaccord; “As an average across the eight countries researched, over two-thirds of individuals aged 39 are paying off at least one loan, which is very often a mortgage.”

She further said; “However, 31 might be considered the peak age for borrowing as close to one in five individuals are servicing three or more loans at that age – potentially including student loans, vehicle finance contracts and other types of loan, as well as mortgages – although this ratio then declines gradually up to the age of 55 after which individuals are a lot less likely to need to borrow from multiple sources.”