Young people encouraged to take on credit card debt
Young people encouraged to take on credit card debt
Wednesday 25th June 2008
In a poll conducted for a report by debt charity Citizens Advice, 68 per cent of young people between the ages of 16 and 24 said they had been encouraged to take on credit card debt or an unsecured loan.
The offers were submitted despite the fact that only 39 per cent of the youths questioned were in full time work and would therefore be unlikely to be able to meet repayments.
The report also found that 47 per cent of young people have suffered problems with debt, with more than half of these saying their money worries had affected their mental health.
Janet Roberts, grants manager at HBOS Foundation, which is offering £300,000 to promote financial education among young people, said: "This report highlights the serious strain bad financial decisions can put on people’s mental health as well as on their pockets."
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