Youth credit appetite increases loan and credit card usage
British teenagers and adults in their mid to late twenties are running the risk of future financial difficulties due to a heightened propensity for credit.
A recent report has revealed that the youth of Britain (18-29) have run up loan and credit card debts in excess of ¼ of a billion above last year, in the lead up to Christmas 2007. The report also suggested that credit card usage had been atypically high over the last 6 weeks, with total credit card spend expected to be more than £1 Billion higher than previous years.
Commenting on the findings, one analyst stated that younger credit shoppers are becoming a little to gung ho with regards to their credit needs. Issues of personal debt appear to be of little concern to many of Britain’s youth as we enter into 2008, however, such attitudes are also likely to be the primary fuel behind rising numbers of insolvency cases.
In related news, the number of new home loans acquired during the same period, are believed to be down by more than 30% faired again the same time in 2006.
