Under 35s facing credit card and loan debt
March 8, 2008 by admin
Filed under News, News-Credit-Cards
A new study has found that people under the age of 35 in Yorkshire are having to spend £160 a month servicing their debts.
Skipton Building Society reports that after paying rent and mortgage costs, the single largest outgoing for people within this group is paying off credit card bills and loan repayments.
The firm’s research also revealed that 73 per cent of people under the age of 35 in Yorkshire have some form of debt, with the average person owing £8,477.
However, a further 11 per cent were found to owe more than £20,000.
Jennifer Holloway, head of media relations at Skipton, said that it is “definitely time for a wake up call” for many people, given that they may have to work longer and earn more to be able to retire comfortably.
“And even though it may seem daunting, it could be easy for those in the red to join those in the black,” she commented.
In related news, Abbey recently reported that millions of people were looking to take advantage of balance transfer deals and switch money owed on one credit card to another during the first three months of 2008.
