Young people have “stifling” levels of debt

Citizens Advice warns youngsters are struggling

Young people are in more debt than ever before, with Citizens Advice seeing a staggering 21% rise in people aged 17-24 asking for advice about debt.

The average unsecured debt in this age group was £12,215 in 2012 – three times more than before the financial crisis.

Credit card debt was falling, the organisation said, but formal loans were increasing, suggesting young people were getting into more serious financial situations.

“A new generation of young people are starting out with stifling levels of debt,” said Gillian Guy, chief executive of Citizens Advice.

“Many young people already face challenges getting on the career and housing ladders - doing this while saddled with huge unsecured debts make it an uphill struggle.

“As well as looking for a longer term solutions, it is important people can get independent advice, guidance and support about how they can manage their finances.”

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Readers' comments (2)

  • Anonymous

    Expect another economic crash

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