A new international study shows that by the age of 39 many people are juggling multiple loans.
The report by Finaccord looked at borrowing across 8 countries including the Canada and the US and found that those in North America are most likely to have a mortgage, compared to those in France and Germany who are more likely to have bank overdrafts.
“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”, observed Claire Michaud, Consultant at Finaccord.
“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.”
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