Most people these days know what it feels like to be in at least some level of debt, and many people are now left coping with quite large levels of debt, which is proving difficult to cope with in the current climate. One leading debt charity has recently revealed that there are many younger and unemployed people in debt that are struggling with their finances these days, and if they do not seek advice they could find their financial situations getting progressively worse.
The Money Advice Trust has released figures showing that around 55,000 young, unemployed people now have debts that they cannot manage. The study was carried out over three years and showed that around one million young people aged between sixteen and twenty four are unemployed with around 5.5 percent of them having debts that they are struggling with.
Officials from the Money Advice Trust are now urging younger people that are struggling with their debts to make sure that they get advice about dealing with their debt, as otherwise they could find themselves in a position where their debts spiral completely out of control and their options become far more limited. There are a number of different charities that are able to offer advice to those that are struggling with their debts and could help younger people to avoid ongoing problems.
A Money Advice Trust official stated: “This is a desperately sad situation for so many young people to face. Dealing with debt can be a distressing experience which impacts right across our lives.”
Tags: housing ladder, Money, ladder, young age, Advice Trust official, million youngA personal debt advisor added: “Getting into debt problems at such a young age will impact these people for many years to come. The implications are years with poor credit ratings and probems with getting onto the housing ladder.”
Related posts:
Debt advisory service urges homeowner to seek advice if necessaryDebt advice charity launches online toolMPs want financial education to be introducedMany people unlock cash from homes to repay debtMore and More Young Britons are On the DoleFiled under: News
Like this post? Subscribe to my RSS feed and get loads more!
Posted in: 
0 comments:
Post a Comment