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Young people are debt-ridden, says research

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  • 21/05/2002
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Almost one-third of young people in debt regularly miss their monthly repayments, a factor which c...

Almost one-third of young people in debt regularly miss their monthly repayments, a factor which could have consequences later in life, according to research from Kensington Mortgage Company.

John Maltby, chief executive, said: ‘Young people need to be made aware of the problems too much debt can cause them in the future. It can cause serious issues when they look for a mortgage ‘ the biggest and most important financial commitment they are likely to face.’

The non-conforming lender found 63% of 18 to 30-year-olds in debt blamed their university days, with low introductory rates and cash-back options on credit cards cited as reasons for getting into debt.

Maltby added: ‘The research indicates a need to offer young people the opportunity to cope with their financial affairs before they snowball, so they avoid becoming financially burdened before they begin their careers.’


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