UK Money News
13th May 2008
Young people facing debt mountain
Debt among young Britons is reaching record levels, a new survey suggests.
In a poll of 4,000 youths aged between 18 and 24 conducted by young persons' charity Rainer it was found that 90 per cent of young adults are in debt by the age of 21.
Of these, some 46 per cent are in debt of over £2,000 with 25 per cent having racked up debts of more than £10,000.
The survey found that the principal cause of debt among youths is that they are in-equipped with financial skills, but also notes that many are forced into debt by poverty.
Rainer chief executive Joyce Moseley said: "Interviews with our young people showed that more than a third of them are left with less than £5 a week after debt repayments, bills and living costs and one in five are left with nothing at all.
"One unexpected expense can see their debts spiralling out of control and this has a devastating impact on their lives."
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