Debt Consolidation - Deluded Teens

Research shows that teens in the UK are deluded about their financial futures. Most expect a high paying job, car and home by 25. Many will end up in debt, however, and a debt consolidation loan will be the best way to alleviate it.

The financial naivety witness in teenagers across the UK will inevitably result in many experiencing a financial shock when they leave university. A study by NatWest on 8,500 teenagers discovered the aspirations of teenagers by the age of 25 and many were expected many perks that most people work a lifetime to achieve. When finding oneself in debt, financial experts agree that one of the best ways to remedy the problem is through a debt consolidation loan which places multiple outstanding debts into a single monthly repayment.

Debt Consolidation - Giving it to teenagers straight

The research carried out by NatWest discovered that nearly three quarters expected to own their own car by the age of 21, almost a third believed that they wouldn't get into debt and half believed that if they did accrue student debt that they would start to pay it off before leaving university. Whilst there is nothing wrong with having these hopeful aspirations, it may, in the long run be better to prepare teenagers for the financial hardships they are likely to face after completing university. The fact is that most graduates will be around £15,000 in debt by the time the finish university and this level of debt is certainly prohibitive to achieving the goals that were desired by the teenagers in the NatWest study. For those who do emerge from university with this level of debt, many will discover that a debt consolidation loan is the best way to make their debts more manageable by placing them into a single monthly payment rather than multiple payments to various sources.

Debt Consolidation - The job misconception

One of the key areas that seem to be pipedream for the teenagers in the NatWest survey is that of employment. The respondents in the survey expected to be earning an average of £31,000 by the time they were 25 and to own their own home. The reality of the matter, however, is that 22-29 year olds in the UK earn an average of £17,817 and have an average debt of £12,363. Many of these will opt for a debt consolidation loan during 2008 as they strive to alleviate their debt and return themselves to a firmer financial footing.

Speak to Consolidate My Debt about Debt Consolidation

Consolidate My Debt are debt solution experts who offer a range of options to those in financial difficulty. Consolidate My Debt use fully trained debt advisors to ensure they find the right financial solution for you. Financial solutions from individual voluntary arrangements (IVA) to debt consolidation are offered and Consolidate My Debt can consolidate your debt into one affordable monthly payment. To find out more about the IVAs, debt consolidation and other financial solutions on offer from Consolidate My Debt just freephone 0800 158 3654 or email enquiries@consolidatemydebt.co.uk.

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