Soaring Debts Trapping Young Generation
Soaring debts trapping young generation in financial difficulty
Many young people in Torridge, North, Mid and West Devon are being trapped by soaring levels of unsecured debts, according to Citizens Advice. The number of debt issues that forced yound people to turn to the charity for help has soared by more than a fifth in the last year to 102,296.
The charity is warning that an explosion of unsecured borrowing among yound people risks trapping a new generation in problem debt. The consumer charity is making the warning in light of a new report, "Unsecured and Insecure", showing the number of debt issues young people have brought to Citizens Advice nationally has soared by more than a fifth in the last year.
The report analyses official data which shows young people have an average unsecured debt of £12,215- more than three times what it was (£3,988) before the financial crisis between 2006-08. Most of this debt is not student loans.
Debt can stand in the way of young people’s futures.Many young people in Torridge, North, Mid and West Devon already face challenges trying to get on the career and housing ladders - debt can make this even harder. Often they find their debts are piling up as they can’t afford their living costs.
Citizens Advice research shows that student loans account for less than half of the debt rise amongst young people so it is crucial we understand why so many are turning to other forms of unsecured borrowing. As well as looking for a longer term solution, it's crucial people can get independent advice, guidance and support about how to manage their finances.
If you are struggling, Citizens Advice offers free, impartial, expert money and debt advice to help you get your finances back on track.