Increase in young people seeking debt help for debt problems
In the current financial climate in the UK there has been an increase in those suffering with debt problems. A recent report by a debt charity has shown a significant increase in calls for debt advice from those under the age of 25.
A recent report by a debt charity has highlighted that of it has had 22,000 young adults seeking debt advice at the end of 2012. Of the 22,000 young adults, a third of them cited unemployment to be the main cause of their debt problem.
The report coincides with figures released by the Office of National Statistics (ONS) that show that unemployment amongst the under 25’s rose from 11,000 to nearly 1 million at the end of 2012. Overall these figures are reflective of the struggle that many young people are facing, trying to maintain their financial commitments during times of unemployment.
Many of these adults fall into deeper debt during time of unemployment, relying on credit cards to pay for essential living costs, with others unable to find the money to pay for existing debt commitments, including credit cards and loans on top of their essential living costs.
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