May 4th, 2008
Young People Warned About Debt Risks
Many young Brits are putting their financial futures at risk by trying to fund a fashionable lifestyle that is beyond the reach of their wallets, it has been claimed.
Cliff D’Arcy, a personal finance commentator, has stated that debt in itself is not the root of such young people’s problems - it is overspending that causes them to build up their borrowing until it is no longer manageable.
To avoid getting into a situation where a consolidation loan might be necessary, he suggests avoiding impulse buying and ensuring that money is spent as efficiently as possible.