Increase in Young People Seeking Debt Help

2015 reports showed a marked increase in under 25’s seeking debt help. The findings show that four times more young people asked for debt help over the last five years, blaming their debt problem on a combination of naivety, out of control spending on credit cards and store cards, and an inability to repay due to low wages and/or unemployment. With credit cards, store cards, overdrafts offered to many young people (especially whilst studying) the temptation can be too great for them to resist.

Many of the young people surveyed have suffered a bad credit rating due to their debt problems and are concerned that they will be unable to obtain a mortgage in the future.

Although these concerns are justified, there is light at the end of the tunnel for these young people. Taking the steps to seek debt help and regain control of finances is the most sensible method to rectify the problem. If the Debt Management Plan is stuck to and there are no further issues with debt, it is likely that the ability to obtain credit will take up to 6 years to achieve.

For many, struggling with debt is a complete learning experience and once the debt is solved it is found that the majority become wiser when it comes to debt and apt at applying techniques to avoid debt problems.

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