Friday 12th of June 2009
Young people have been advised to seek help if they begin to struggle with debt problems.
Citizens Advice has launched a campaign to highlight the importance of managing finances effectively, with videos featuring under-25s who have had difficulty being placed on its website.
Those who find that they are unable to cope may wish to seek IVA advice in order to reduce what they owe, particularly as research by Citizens Advice and YouthNet has identified mental health problems caused by finances.
Figures from the organisations showed that a quarter of those aged 16 to 24 have suffered such problems.
One of the people featured in the videos, known as Scooby, emphasised the importance of seeking help, noting that his problems built up because he had been "getting loads of letters telling me to pay the money, but I just ignored them and put them in my bottom drawer".
A recent Debt Lifeboat study indicated that nearly a fifth of students expect to file for bankruptcy or enter into an IVA in the future.
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