Young British consumers become accustomed to having debt management issues to deal with almost as soon as they enter adult life, it has been suggested.
James Ketchell, from the Consumer Credit Counselling Service (CCCS), claims that it has become easier for young British adults to take on personal loan or credit_card_debt”>credit card debt, because many are used to borrowing money while studying at university.
Moreover, the stigma that had once been attached to taking on significant amounts of debt in the UK has been diminished as the situation becomes increasingly commonplace, according to the CCCS spokesperson.
“Once people are used to the idea of debt then its easier for them in the future, to take up credit cards and personal loans, because the stigma has already been removed,” explained Mr Ketchell.
Ear;ier this year, a report from the CCCS suggested that the burden of debt management is increasingly being shifted to more elderly generations of UK consumers.