Tuesday, February 13, 2007

Teenage debt

Just read this really worrying news in the money news section of the Lombard Direct website.

According to the report, 50% of teenagers in the UK will be in debt by the time they turn 17. This was the part of the findings of a poll carried out by the Personal Finance Education Group (pfeg). Another finding which really surprised me was that "one in 20 young people in the UK think they do not have to ever pay back money borrowed on a credit card".

Are they really that stupid?

By the way, Lombard Direct is part of the Royal Bank of Scotland Group. It was established in 1995 and is one of the largest and most respected financial institutions in the UK.

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3 comments:

Dad of Four said...

The 5 percenter is a shocker to me! I had a lot of Brit friends 20 years ago with humungous debts when they were in their first year of uni - credit cards & ODs! Amazing!

Adam said...

It is actually 50% not 5%. It was really shocking for me too.

Dad of Four said...

I mean the 1 in 20 who believes that they dont hv to pay back.

But yes...50% is also a shocker as well

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