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Debt and the Younger Generation

In today's world it is increasingly difficult for the younger generation to maintain a good credit rating with a large proportion of the UK going into debt. For those wanting to purchase a new car, go on holiday or perhaps pay for education fees, credit can be acquired with relative ease. With the younger generation less likely to have a bad credit rating, banks and other lenders snap them up as soon as they apply.

Statistics have shown that more than 50% of families have lent an average of £12,500 to children or grandchildren to relieve their debt problems. A lot of children take out credit cards with their bank or building society and instantly run them to the limit, believing they have time to pay it back in the future; although this means they run an increased risk of requiring debt consolidation services or an IVA being taken out in order to pay back their debts at a reduced rate - making them more affordable.

Yet not all of the blame can be placed squarely on the shoulders of the younger generation. If planning to go to college or university, education fees can be notoriously expensive. Education boards are doing their best to help resolve money worries by arranging student loan repayments once they have qualified and begun to make a guaranteed wage.

If you have any financial questions and need advice, contact our financial advisers for assistance.

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