Press Release of the Day – 16th March
2 in 3 Divorcees in debt due to £15K divorce costs
- The average divorce now costs £15,089
- Almost 2 in 3 divorcees fall into debt as a result of divorce
- Divorce is named the third biggest contributor to debt in the UK, after housing costs and credit card interest
The shocking true cost of divorce has been revealed and a leading insolvency practice claims divorce is the third biggest contributor to debt in the UK.
A survey of 2,002 UK divorcees conducted by leading personal insolvency practice, Creditfix has revealed that the average cost of a divorce is now a whopping £15,089 and is causing 61% of divorcees to sink into debt every year.
National statistics suggest that 42% of marriages in the UK now end in divorce and according to the insolvency practice the costs incurred during the divorce process are the third biggest contributor to Britain’s debt problems.
1 in 5 of those currently in debt (20%) cite divorce as a leading cause of their financial struggles. Topping the list of causes of debt is housing costs (42%) followed by credit card interest (21%).
Men in the hospitality profession are statistically those most likely to fall into debt following divorce (67%), and more than 1 in 2 women (53%) confess to struggling with the costs of supporting children following the legal end of their marriage.
Taylor Flynn, head of marketing at Creditfix, comments: “The end of a marriage is often a difficult time and can be made even worse by the huge expenses that are so often attached to making a divorce official. Sadly failed marriages are becoming increasingly common and as such divorce is now believed to be the third biggest contributor to debt problems in the UK.
“The added strain of divorce expenses on top of an already stressful situation can take an enormous toll on the mental wellbeing of those in the midst of divorce but people in this situation can find help through a range of debt management services that are available and can provide confidential and supportive advice.”
With over 70 years’ experience between their insolvency practitioners in the financial industry, Creditfix has successfully helped over 141,000 people with their debt over the years which has led to them becoming one of the most experienced in the market. Creditfix Limited is one of the largest personal insolvency practices in the UK, servicing Scotland, England, Wales and Northern Ireland. ONS, 2018
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