Monday 17th of January 2011
Individual voluntary arrangement questions may be asked by an increasing number of people in the future, as it has been claimed debt is becoming an accepted part of everyday living among the young.
Annie Shaw, editor of CashQuestions, said the older generation was brought up with an attitude that they should neither borrow nor lend money, yet youngsters today view owing cash as the norm.
The industry figure explained: "They have seen that it is completely normal to buy things on credit cards, it has been normal to get a nought per cent deal when you buy."
She added there has become a revolving system of debt, with individuals taking out loans to pay off the cash they owed from previous deals - a system that worked well until recently.
Her comments come after Scottish Provident's Financial Safety Net report revealed Britons only consider themselves to be in serious debt when they owe around £15,000.
By Mark Waterman
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- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Student loan repayments to result in future debt rises?
