Young Brits indebted due to personal loans
Recent statistics suggest that 80% of people aged between 19-27 are indebted to at least one creditor, causing them to seek some form of debt help
One of the UK’s most active debt related charities has revealed that Britain’s youth appear to have a very obvious penchant for credit accumulation, with around 2/5th’s of people within the demographic owing a minimum of £3000 to their creditors. In addition, it has also been noted that a staggering 20% of the countries younger generation have amassed debts that run in excess of £12,000.
The most common cause for these debts appear to root from credit relating to the pursuit of higher education such as student loans and overdraft fees, this reason in particular accounts for around 60%. However, an additional 40% Britain’s youth state that car finance agreements, credit card debts and personal loans form the bulk of their commitments.
One expert suggested that the vast majority of this group would run into financial management problems at some stage in their lives, with many seeking professional help from a debt specialist firm. It is also noted that around 30% of people will seek financial assistance from their parents, before contacting an outside agency.
In other news, as an aid to combat rising consumer debt levels in the UK, it has recently been announced that financial awareness studies will be offered to students in the not to distant future. It is hoped that such classes will help to quash unnecessary credit acquisition at its source.
