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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!

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