Young People `Afraid Of Debt`posted on 19 August 2010 | posted in General Category | ( 0 ) CommentsA fifth of teenagers claim they never want to get into debt, with many scared of the prospect of owing money, a survey has suggested. Around 21pc of 14 to 17-year-olds said they planned never to have a credit card or loan, with 13pc claiming they did not want to end up like their parents. A further 64pc said they were scared of debt, while 53pc said they did not trust lenders and 22pc were concerned about fraud. One in five people also said they were worried their spending would get out of control if they had access to credit, and 23pc said the interest charged on credit cards and loans put them off. The survey found that 7pc of people even claimed to have ruled out going to university because they were worried about the debt they would run up while they were there. Among those who said they never wanted a loan, 89pc said the only kind of debt they would consider was a mortgage. But 56pc of those questioned said they definitely planned to get a loan or credit card in the future, with 19pc of these people saying they expected to be earning enough to support themselves. The recession has appeared to have had an impact on young people's attitude towards debt. A lot of young people have been put off the idea of debt having grown up during a particularly bad recession. The younger generation are more financially savvy now than teenagers were in the past and a lot of youngsters have evidently learnt a lesson from their parents, who may have got themselves into debt. We advise any younger people especially students and teenagers, that are seeing their own personal finances starting to occur problems, to seek help and advice straight away. Share this blog entry:
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