Teenage Brits ‘Being Tempted into a Life of Debt’
January 4, 2018
Many thousands of young Brits are being actively encouraged towards taking on debt and spending borrowed money even before they reach their 18th birthdays.
That’s according to the price comparison website comparethemarket.com, whose research suggests that roughly one in four 16 and 17 year olds in the UK have been offered credit cards or asked whether they’d be interested in access to credit.
That figure is based on the results of a poll involving 1,000 16 to 17 year olds, all of whom aren’t legal eligible to use a credit card until they turn 18.
Research by the same company also found that close to a third of 18 year olds in the UK already use either a credit card, an overdraft or a personal loan, with 54,000 having apparently already taken out a personal loan before they’ve reached the age of 19.
Meanwhile, around 27 per cent of the 16 and 17 year olds quizzed by comparethemarket.com said that they don’t feel completely in control of their finances.
The worry for many observers is that a growing number of young Britons are normalising debt at a very young age and accessing debt-based financial products almost as soon as they are legally able to do so.
“It’s vital that young people grow up to understand that money matters,” says Shakila Hashmi, head of money at comparethemarket.com.
“Far too often we see a culture of spending being encouraged which the majority of youngsters simply cannot continue. It’s up to the banks to consider what products are being pushed to what people, and at what age.”
A recent report published by the UK Gambling Commission suggested that gambling is also becoming a serious problem among young people throughout the country.
In fact, the commission’s report said that there are roughly 25,000 people aged between 11 and 16 who could already be categorised as ‘problem gamblers’.
If you are struggling to cope with your financial problems for any reason then Scotland Debt Solutions may be able to help. Contact us directly to arrange a free and confidential consultation with one of our experts.
When taking out a joint loan, there are many things you need to consider. Signing up to a joint credit agreement is a huge commitment and it’s important to ensure you have all the facts before signing on the dotted line. While no one wants to think about a relationship breaking down, the truth is […]
If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]
A trust deed is a common debt repayment programme based around a voluntary arrangement made between you, your creditors and a qualified independent trustee who takes control of your debt repayments for a typical period of four years. If you’re having difficulty paying your debts and have assets or a regular income, you may qualify […]
If you have built up debt from gambling, you may be able to write off part or all of the debt via a formal Scottish insolvency route. Not all insolvency solutions allow debts to be written off, but you may be eligible for a trust deed if you meet certain criteria, with sequestration also being a possibility […]
Her Majesty’s Revenues and Customs (HMRC) is one of the biggest creditors in Scotland, and indeed across the rest of the UK. Millions of people make payments to the government through HMRC in the form of income taxes, National Insurance and VAT every year. For the majority of people in employment, this is done automatically […]
Council tax is a charge levied on residential property and payable to the local council. While some properties are exempt from paying council tax, most households must factor this bill into their monthly budget. Households will be given a yearly charge which can then be broken down into a series of monthly instalments throughout the […]