Recent research suggests that large numbers of young people are entering debt situations where it is difficult to recover. The outstanding iva, a company that helps organize individual voluntary arrangements, has released the results of a survey indicating that up to one in four people aged between 18 and 24 are struggling under various debt burdens. At the same time, nearly 1.2 million children still in the school system will find themselves in the same difficult debt cycle over the next five years.
Figures from the Personal Finance Depot indicate that more than one in five people between the ages of 18 and 24 will find themselves insolvent before reaching the age of 30. Instead of providing or choosing low-interest loans, these groups may be in the process of being built. Debt on credit cards and non-competitive products. However, they are not alone – according to iva.co.uk figures, about 16 per cent of the population of the United Kingdom has debts that can not be paid monthly and are over £ 10,000. The company is calling for the modernization of financial education in schools to help students understand the personal finance contracts they buy. For example, improved demographic education can help to determine the best loans and the difference between low-priced loans and other borrowing options of Impact Synonym.
Last week, the company held a meeting between industry specialists such as personal finance professionals to discuss issues related to keeping people out of debt. The debate on debt education has focused on the fact that borrowing is now an acceptable part of modern life, but consumers will be better informed to prevent them from falling by the wayside. “We will not be able to change a changing culture that has taken place over the past 20 years in five minutes,” James Fala, general manager of the Debt Advisory Company, Thomas Charles, told the assembled commentators. “We must adopt the fact that people will get credit but then teach them.”
There are a lot of people who are afraid of funding, either because they think it’s too complicated, or because they think it’s terribly boring, “said Anne Keim, a spokeswoman for the School of Finance. Related to them, we must teach young people the things that involve them, such as mobile phone tariffs. “The organizer used the forum to reveal his new booklets designed to educate people about different types of debt and play different types of.
The financial news from iva.co.uk supports previous research from the Lloyds TSB, which proved that young people in the UK are becoming worried about debt. A survey by the bank found that worries about money led to about a third of the people who are scheduled to begin university in recent weeks to live in their homes to reduce their debts. While 80 per cent said they saw it as an easy way to save money, about a quarter indicated specifically that it should help them keep debt under control.