Debt ticking time bomb for youths

New reports from a leading debt charity indicate that the number of young people in debt between the ages 18 and 20 has radically increased in the last two years. Not surprisingly it is students who has been found being most likely ending up in a great amount of debt. The report claims that part of the blame can be put on the recent increase in university tuition fees.

As most universities now charge up to £3,299 per term, which is set to triple in some cases students are forced to apply for large loans leaving them with huge debts to pay off at the end of their studies.

Another debt trap for students and other young people is the constant lure of credit cards. More and more students have been found applying for credit cards, often being granted high credit limits. When faced with paying off their credit card bills many young people struggle with finding the funds to pay their bills in time. This frequently leads to more accumulated debt sending young people in to a downward spiral of missed payment dead lines and overdraft fees.

There is help to get if you are one of thousands of young people struggling to pay of your debts. Websites and organizations offering help and advise on how to handle, and maybe even write some of your debt off, are a good point to start. Students are encouraged to tackle their debt as soon as possible to avoid what has been described as a debt-ticking time bomb.