Debt Help Site: Young People Carrying Personal Debt Burden

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The Debt Help Site Annual UK Debt Survey 2006 shows that young people make up a large proportion of those suffering with personal debt problems in the UK.

First of all there is student debt

A significant proportion of the United Kingdom's £1.1 trillion personal debt burden is being shouldered by young people, according to The Debt Help Site Annual UK Debt Survey 2006.

The survey's figures reveal that 60% of those seeking help for their debt problems are under the age of 36.

Only 14% of cases involve people aged over 46, while 37% of those troubled by their debt are between 26 and 35.

Twenty-seven per cent of those in need of help are 36- to 45-year-olds, while 23% are under 26.
Terry Galvin, editor of the Debt Help Site, believes there are several factors involved in younger people featuring so prominently in the figures.

"First of all there is student debt," said Galvin. "That is constantly on the rise as more and more people are going to university.

"Then you have to consider the fact that credit is so readily available for young people, who often earn less as they are starting out on their careers. So credit cards and loans supplement their low income and lifestyle".

Galvin adds: "The price of buying or even renting a home has risen sharply over the last decade and lots of young people take on too much with their mortgage or rent.

"The bottom line is, they should seek professional help from a debt counsellor before their problems get worse or out of control."

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