« Back to articles
This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Greater store card debt for under-25s
Young people are more likely to use store cards to borrow money, placing them at a greater risk of high levels of personal debt, it has been claimed.
Research conducted by the
Consumer Credit Counselling Service identified under-25s as the group with the greatest chance of obtaining store cards.
Meanwhile, their over-25 counterparts were seen to be more likely to use conventional credit cards.
A spokesperson for the
Trading Standards Institute warned that store card debt could be a serious issue for young Britons who focus on convenience more than affordability when borrowing money.
"Young people want to live for the day but the problem with debt is that it affects consumers many years afterwards," said chief executive Ron Gainsford.
"When buying on credit you should try to shop around for the best rate, check on repayments and if you get into difficulty get advice as soon as possible."
A previous study by Nationwide found that many Britons in debt believe items which carry the highest level of interest are paid off first, which is generally not the case.
For those looking to clear their borrowing completely, a programme of
credit debt management could offer the solution.
Created on 26/06/2007 14:04:51
Debt News
Debt News Archive