May 27, 2008
More youngster’s are relying on credit cards
The UK population is continuing to feel the burden of the credit crunch as more credit card owners find themselves unable to control their financial circumstances. With finance companies tightening the criteria for card applications, consumers are beginning to find they are restricted in their choice of credit deals. The days of interest free card deals now appear to be ending as interest rates continue to soar.
Young people who have recently left education are one of the main groups that seem to be most affected by the current economic crisis. Unable to secure financially rewarding jobs and reeling from the additional burden of student loans youngsters find it far easier to use credit cards in their everyday life than to seek alternative financial arrangements. This over reliance on cards has led debt advice organizations to call for more support for the increasing number of young consumers who are unable to cope with the current economic situation.