Debt Management - Mum And Dad To The Rescue

Given the current tumultuous economic climate that looms over the UK, debt management is causing concern for many young people. A report on This Is Money suggests that the Bank of Mum & Dad may be open for business.

Debt management is a concept that seems alien to many young people today and, as a result, many find themselves floundering in a sea of debt. A large number of young people are finding it impossible to get onto the property ladder due to their own debt management problems and the high prices associated with the property market; even during the current slump that is being experienced in the housing industry. Tackling debt is a major issue for young people, particularly those coming out of university, who can often emerge with debts in excess of £15,000.

Debt Management - Ties That Bind

When it comes to debt management, it is of little surprise that many young people today rely on assistance from their parents. Many experts argue that children are not adequately educated on money and debt management and many find themselves saddled with large debts as a result. According a report on This Is Money, 50,000 students graduating from university in 2007 will have an average debt of £11,000 and a staggering 14,500 will emerge from higher education owing in excess of £20,000. Debt management during university is quite problematic and many students find it difficult to balance a job with keeping on top of their coursework.

Debt Management - Family Fortunes

DParents are increasingly taken the responsibility for the debt management problems of their children; whether this be in the form of helping them onto the property ladder or throwing them a financial lifeline to pull themselves clear of debt. According to the report on This Is Money, of the parents who provide financial assistance to their offspring, only 10% considered the gesture to be a loan whilst 68% believed that they would see no return on the money they provided. For young people in debt who can't rely on financial assistance from their parents, many are finding that debt management advice from financial experts is a good way to get a grip on spiralling debts.

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