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Purchasing of 'bling' goods is landing young people in debt
29/04/2008 09:45:00
The purchasing of luxury 'bling' goods they cannot afford is pushing young people into debt, according to the findings from a new survey.
The results of a study from mobile banking service Monilink showed that over 70 per cent of Brits aged between 16 and 34 were found to be going into debt by trying to keep up appearances that they could not afford.
Of the 1,619 young people interviewed, up to 62 per cent said they were still paying off credit card bills for luxury items from last year.
A further 22 per cent said that they had so much debt from non-essential spending that making the repayments had become a significant strain on their finances.
John Milliken, managing director of Monilink said: "This study highlights the price younger Britons are willing to pay for peer acceptance. But for many, the price is too high - leading to financial problems."
Meanwhile, figures from a new poll by Sutton Trust showed that fewer young people are being put off attending university due to worries about debt.
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