Debt is endemic among young people around the UK, according to a new report from the charity group Rainer.
Almost nine in ten of the respondents to a survey by the organisation said that they were dealing with debt management issues by the age of 21.
Rainer’s charitable efforts are aimed at helping disadvantaged children across the country and these young consumers are among the most likely to see serious consequences result from their borrowing habits.
A lack of skill in dealing with money and pre-existing poverty are thought to be some of the main reasons why many thousands of young people have found themselves struggling to become debt free.
Reflecting on the precariousness of many young consumers’ finances, Rainer’s chief executive Joyce Mopseley said: “One unexpected expense can see their debts spiralling out of control and this has a devastating impact on their lives.”
A report from the mental health charity Mind recently aimed to highlight the link between debt woes and serious psychological problems.