The amounts of debt that young British consumers are now having to deal with is “extremely worrying”, according to one insolvency expert.
President of the Association of Business Recovery Professionals (R3) Patricia Godfrey suggests that the financial habits of young Britons need to be influenced in a way that helps them avoid debt management disaster.
“It is clear that long before they go to university, young people need to understand the implications of taking on too much credit,” said Ms Godfrey.
Her comments came in response to R3’s own research that shows a third of UK consumers aged between 25 and 34 are still paying off debts accumulated while they were at university.
“It is extremely worrying that our young people are so much in debt. Our survey shows that in many cases they leave university in debt and struggle to pay it off even years later,” Ms Godfrey continued.
Meanwhile, figures compiled by ClearDebt recently showed that close to half of people in the UK aged between 18 and 24 are dealing with debt management problems.