Young people ‘driven into debt’ by unemployment

Bad credit repair may be a necessity for growing numbers of young people who are unemployed.

The Consumer Credit Counselling Service warned joblessness among these individuals – which was recently revealed as standing at more than one million – could be driving them into debt.

Research from the firm identified 186,000 households with occupants in the 18 to 24 age range are financially vulnerable – either struggling to meet their outgoings such as bill requirements or at risk of falling behind.

Director of external affairs for the charity Delroy Corinaldi advised anyone in this position to seek financial advice as soon as possible.

“With youth unemployment rising, an increasing number of under-25s are struggling to make ends meet. I am concerned that many young people who are out of work will fall into debt,” he commented.

The Debt and the Generations report recently published by the organisation found one in three clients who approached it had no additional income after accounting for basic living expenses.

Source: www.vanquis.co.uk/news