Friday 18th of December 2009
Young Britons are worried about falling into debt, but many of them admit they believe they can deal with their concerns further down the line, a claim suggests.
If you are aged between 18 and 24, you may be concerned that your addiction to credit cards is already out of control, although an individual voluntary arrangement (IVA) could put an end to your plastic troubles.
And a new survey by R3 reveals that over the past 12 months, 18 per cent of young Brits have had the attitude of spend-now-worry-later.
But you may in fact be concerned how you are supposed to save for a house deposit - or even cover the cost of your everyday bills - when a large chunk of your income is going on clearing credit card balances.
If you have not heard about IVAs before, you may question if you are too young for them. However, as long as you are in employment and have debts of over £15,000, you could find an IVA allows you to get out of the red now, helping you prepare for your future.
"If spending does start to get out of control, it’s important to seek professional advice as soon as possible," Peter Sargent, R3 president, says.
By Chris King
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA advice may help Brits with credit card fees
