Young people 'careless' about debt

Money News

www.moneynews.co.uk > Debt > Young people 'careless' about debt

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Young people 'careless' about debt

Young people are heading a trend that is seeing a lax attitude being given towards the idea of debt due to irresponsible spending, according to an insolvency expert.

James Falla, director of debt advice firm Thomas Charles, has warned that opinions on debt in the UK have not changed and that youngsters are time and again being reckless with their money.

His comments come at a time when nearly 30,000 people are predicted to become insolvent during the first quarter of 2007, says accountant Grant Thornton.

"I think especially with young people they feel that they have nothing to lose because in the end they can just declare themselves insolvent," Mr Falla stated.

"They know it wouldn't be that bad if they couldn't pay it back," he concluded.

Research undertaken by the Bank of England discovered that the most common reasons given for people falling into a cycle of debt were overspending, temporary lack of cash and higher than projected household bills.

Related News : Debt

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet