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Young Brits have lowest card debts

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    Contrary to popular belief, it seems that young Britons are actually the most money responsible, with the lowest levels of credit card debt of any age group, claims a new report.
    Although those under 30 have the highest levels of non-mortgage debt, almost half of this (46 per cent) is low-interest student loan, meaning that the cost of servicing debts is lower than for any other age-group, according to findings from Alliance & Leicester. Those aged 18 to 29 have less than half the credit card debt of their more mature counterparts, with an average of £1,073 compared to £2,580 for those aged 30 to 50.
    "Our research confounds the stereotype that young people are spendthrift and irresponsible with their finances," said Chris Rhodes, managing director at Alliance & Leicester retail banking.
    "The interest burden of this age group is not out of line with older groups. Indeed, 30 to 50 year olds see their debt burden peak as unsecured debt combines with mortgage borrowing."
    If you are worried about debt and the effect it might have on your credit rating, order your credit report now to find out where you stand. The findings contrast with other reports which suggest a growing trend for young people to get into problem debt.
    A study from the Consumer Credit Counselling Service revealed that the average amount owed by under-25's using their service grew from £11,833 in 2003 to £14,984 in 2005.




Next :  Britain's 'lifestyle of debt' 		 

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