Young adults set to be saddled with debt for years to come
While there is not one area of society which has escaped the financial trauma caused by the economic slowdown it seems as though young adults are the ones who may be hardest hit at the end of the day. It looks as though a free spending fiscal policy and the rising risk of unemployment could force many to take out large loans to reorganise their finances, something which could have an impact on their lives for years to come.
As if younger first time property buyers were not struggling enough there is little chance for many to join the property ladder even though property prices have fallen back. The banks are looking to charge higher rates, being more selective with their clients and demanding larger deposits than ever before. This is not the environment which many had dreamed of and it could well turn into a nightmare for some of them.
Credit card debt and outstanding loans also seem to be at the centre of their problems and while many are suffering at the moment, this figure is set to grow over the next 12 months. We are hearing today that a number of apprentices in the building and electrical trade have no jobs to go to after up to 5 years training and they too have bills to pay.
Life is very tough for many areas of society today but the younger generation look like being hit the hardest of them all!
Share this..
Related stories
Bank of England confirms special liquidity scheme will not be extended
The Bank of England has confirmed that the special liquidity scheme which has seen £185 billion made available to the UK banking system will not be extended beyond January 2012 when it was originally due to expire. This is a bitter blow to the UK banking community as the Bank of England introduced this particular crutch to combat the credit crunch and resulting downturn but believes now is the ti...
Read MoreGas Bills Set To Soar
As if the consumer has not been hit hard enough in the pocket of late it seems as though gas prices are set to increase by a massive 46% this year. If this move actually goes through we will see the average British Gas bill reach £1,327 a year, marking what would be the largest ever increase in annual gas bills.
While the rise is not all down to British Gas, there are many in the...
Royal Bank of Scotland set to wield the axe
It has been revealed that Royal Bank of Scotland boss Stephen Hester is set to announce one of the most severe cost-cutting exercises in the history of the UK banking sector. If the rumours are correct, this week could see between 10,000 and 20,000 job cuts at Royal Bank of Scotland which would decimate the workforce. The company is set to announce losses rumoured to be approaching £30 billion af...
Read MoreConservative party pledges to help small businesses
In the run-up to the next general election it seems that the small business arena, the engine room of the future UK economy, will play a very prominent part in election campaigns. Today saw the Conservative party jumping onto the bandwagon amid suggestions that they would amend the current small business taxation system which is, in the view of many, over expensive and overbearing, if they gain po...
Read MoreShetland wind farm project criticised
In what is becoming an embarrassing development for the green policies of the UK government and UK businesses, a wind farm development in the Shetlands has been heavily criticised by the advertising standards authority after making various comments in an advertising campaign. Among some of the disputed claims from Viking Energy include the fact that 50% of the profits would stay with the Shetland...
Read More