The Consumer Credit Counselling Service (CCCS) has suggested that young British homeowners are facing serious debt management difficulties as they attempt to maintain control of their finances.
Figures from the charity organisation show that debt levels among British consumers aged under 25 are around two-thirds higher for those who have taken on a mortgage, compared to those in the same age group who rent their homes.
And the CCCS also reports that the average amount owed by Britons aged under 25 who use its services in search of debt advice stands at more £16,000.
“There is a danger in young people getting on the housing ladder before they are ready financially,” said the chairman of CCCS Malcolm Hurlston.
“Before taking out a mortgage the under-25s should make sure they can still afford to live and not rely on credit to plug the gaps.”
Earlier this year, the same charity predicted that British homeowners of all ages would struggle to meet financial demands throughout 2007.