Debt Counseling For Debt Relief
Debt counseling can be a valuable service, but before you get
that far, there are some things you need to do. First, you will
need to acknowledge that you have debt and or financial
problems. Next, you will need to find the debt...
(Debt Negotiation) Companies and Cyberspace: Business & Consumer Pros & Cons
The Internet seems to be one of the most dangerous, yet convenient places out there. But, as in real life, there is still more good than we hear about. Amongst the spy ware, pop-up ads, search engine spamming, redirect only sites, phishing scams,...
Got Debt - Consider A Debt Management Company
You've been working yourself silly for years and yet... you still have no savings and the pile of unpaid bills seems to grow each and every month. You have creditors breathing down your neck - calling and sending you letters so much that you're...
Legal Debt Collection Tricks
If a customer owes your local business money, it's hard not to feel angry, like you want to do anything possible to get your money back. But the days of going all out to collect on a debt over. The Fair Debt Collection Practices Act, designed to...
Need help getting out of debt?
Nowadays it seems that getting into debt is much easier than
getting out of debt. With todays numerous schemes and facilities
no one wants to wait until they have saved enough money to buy
anything they wish. If you are one such person who find...
The Growing Debt Problem for under 25's in the UK
Not at any time since the last major economic recession of the
1990's have so many people in the UK suffered so much with debt
problems. Although the principal underlying economic factors
look good on the surface, a closer inspection of the statistics
reveals a structural debt problem in the UK, manifested by the
total amount of personal debt exceeding the trillion pound mark
in July 2004.
Previous cycles of economic decline have seen a combination of
high interest rates and unemployment; affecting mortgage holders
especially. This time around, however, 18 to 25 year olds are
reporting difficulties with repaying their credit card debts and
other personal loans.
According to the UK charity, the Consumer Credit Counselling
Service (CCCS), there has been a rapid rise in the percentage of
18 to 25 year olds reporting with debt liability problems,
doubling from 6% to 13% since 2002. The CCCS reported that the
average amount of money owed by under-25's who contacted them
has gone up from £ 12,000 to £ 15,000 in the last 2 years; an
increase of nearly 25%.
The CCCS argue that there is a generation growing up in the UK,
who have been exposed to a combination of consumer pressure and
easy credit. The
young have become "desensitised" to debt and
are borrowing money to purchase non-essential items. Student
loans have meant that large bank overdrafts and credit limits
have become the norm for many young people. Also many of the
younger generation need to borrow large amounts to buy a home,
for example, and usually have no savings or assets to fall back
onto when they run into mortgage arrears.
Indeed the CCCS are telling more young people to take bankruptcy
as an option to solve their debt problems, many of these
graduates, and still in their 20's.
It's too soon to say whether the growth in the number of 18 to
25 year olds facing debt problems is a real phenomena, or part
of a general problem that is affecting the UK, but credit
agencies are becoming increasingly concerned.