Part of the problem is that credit is easily available to anyone and there is a 'want now, pay later' culture, where young people mount up credit card debt without considering the consequences.
(PRWEB) August 6, 2006
Young women in the UK are building up debts that could affect their financial wellbeing in the long term, according to recent research. This has prompted debt help experts The Debt Counsellors to call for young women with debt problems to plan for the future by clearing their debts now.
A survey by women's magazine More showed that women between the ages of 21 and 25 have an average debt of £3,830 and very rarely save.
The Debt Counsellors believe this could have dire consequences in the future, with personal debt already a huge problem in the UK.
John Porter of The Debt Counsellors says: "The signs are ominous, with large debts being built up by young women before they are on the property ladder or even renting.
"Part of the problem is that credit is easily available to anyone and there is a 'want now, pay later' culture, where young people mount up credit card debt without considering the consequences."
However, the consequences are very serious indeed, say The Debt Counsellors.
Porter explains: "By getting saddled with debt at such a young age, these women are seriously affecting their long-term future and their ability to get themselves on the property ladder, and so on."
The Debt Counsellors are urging young women in debt to break the borrowing habit and sort out their debts now.
Porter says: "Young women worried about their level of borrowing should get professional debt counselling and get information on clearing their debts. They can also get advice on staying debt free in the future."
The Debt Counsellors offer free, confidential debt advice. For more information, visit http://www.debtcounsellors.co.uk.