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Young succumbing to debt

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    More and more young Britons are finding themselves overcome by debt problems, according to a credit charity. The Consumer Credit Counselling Service (CCCS) said that the number of people aged between 18 and 25 approaching them for help more than doubled between 2002 and 2005.
    In the former year only six per cent of the group's clients came from the cohort, but by the first year of 2005 18-25 year olds made up 13 per cent of those requiring assistance. The availability of cheap credit, the ubiquity of student loans and acceptance of debt as a way of life were blamed for the phenomena.
    "Credit cards have blurred the distinction between borrowing and spending and for many young people, student loans have made borrowing normal," said chairman Malcolm Hurlston, adding that young people often have fewer assets to fall back on if debt problems mount up.
    Research published earlier in the week revealed that young singles are also likely to be struck with more debt problems than their married counterparts. One Advice revealed that they were 50 per cent more likely to owe £10,000 than people who decided to tie the knot.




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