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Young debtors owe £12,790
Article Category: Debt Management Help and AdviceThe average amount owed by youngsters in
debt aged between 18 and 24 is £12,790, according to new research.
Figures revealed by the Consumer Credit Counselling Service (CCCS) show that 56.4 per cent of this debt consists of personal loans, 28.5 per cent credit card borrowing, 7.3 per cent overdrafts, 2.3 per cent store cards, 2.1 per cent catalogue
debt and two per cent on other loans.
The study also showed that under-25s were more likely than older age groups to use catalogue and store cards but were less likely to use
credit cards.
Student loans and secured lending is not included in the figures.
Ron Gainsford, chief executive of the Trading Standards Institute (TSI), said: "Young people want to live for the day but the problem with
debt is that it affects consumers many years afterwards."
The TSI and the Office of Fair Trading are raising awareness about young people facing
debt at the same time as schools across the country take part in the final stages of a competition aimed at developing consumer financial skills.
For more information about debt management call our advisors on 08000 122 118 for FREE, no obligation help and advice Created on 19/12/2007 12:42:26
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