Mark Newbury recently advised a young man who had debts totalling 23,000. He had multiple credit cards and had used one card to pay off others. He had probably borrowed 10,000 at the most. The rest was made up of interest and default charges. He was 21.
Such massive debts are rare. But Newbury, a money advice worker with Newcastle City Council, reports a steady increase in young people with debt problems.
Some are students struggling to meet the payments on their overdrafts.
They may have credit card debt too. "They don't want to tell their parents how much debt they've run up," explains Newbury. Some are young workers in their late teens and early twenties who have run up credit card or store card debt. They tend not to have bank loans because they are not earning enough.
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
