Concerns over ‘dramatic rise in debt’ among young
A debt management expert has raised concerns about an increasing borrowing culture among the young.
Managing director of W3 Debt Solutions Carl Stott has claimed that a rising number of Britons aged between 20 and 30 claimed insolvency between September and February, reports the Lancashire Evening Post.
He told the publication: "I am very worried about this dramatic rise in debt. With more and more young people opting to go to university, almost all leave with sizeable debts that take years to pay off.
Mr Stott added that with loan repayments and indebtedness often seen as "the norm", young people’s attitudes to borrowing could be creating a "dangerous precedent for later life".
Research by the Chorley-based firm indicated that those who leave university in 2009 will still be making payments on their student loans when they reach their mid-30s, which in turn could impact upon their ability to make repayments on credits and personal loans.
Last week a study by Alliance & Leicester revealed those in their 30s have some of the greatest debt management problems in the country, with unsecured debts 33 per cent higher than the national average.
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