Young people are an easy target for finance companies that want to lend money, particularly vulnerable young people. A recent survey of 100 hostel-based 16- to 25-year-olds by youth homelessness charity Centrepoint appears to confirm this, revealing that two out of three residents have received promotional literature from firms offering loans and credit cards (YPN, 13-19 April, p2).
Spiral of debt
Anthony Lawton, chief executive of Centrepoint, says: "Our research identified five key reasons why young people get into debt: low incomes; problems with benefit administration; poor financial literacy; lack of access to affordable credit; and the amount of credit they are tempted with at such a young age."
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