Debt Consolidation - Young Adults Struggle With Debt

A recent report on Sky news has discovered that as many as three quarters of young people are having difficulty with their debt management. Many will choose a debt consolidation scheme to alleviate their financial woes.

Debt is a massive issue in the UK at present and with the current credit crisis showing few signs of receding, those in financial strife will increasing opt for a debt consolidation scheme to turn their multitude of outstanding debts into one affordable monthly payment. A report conducted by Sky news really sheds light on just what a profound effect the financial crisis is having on young adults in the UK and just how many are struggling with their debt management.

Debt Consolidation – Young, Free and In Debt

A combination of factors, most notably irresponsible lending and spending, has left a vast proportion of young adults in the UK swimming in a sea of debt. A debt consolidation loan is often seen as the best solution when it comes to grasping the reigns of spiralling debt as it turns an individuals multiple outstanding debts into one affordable monthly repayment. The fact that so many young people across the UK are crippled by debt is of little surprise as research has suggested that around one in five young adults spend more than they earn each month.

Debt Consolidation – Extent of the Problem

The extent of the financial crisis in the UK is now really of endemic proportions amongst the UK’s young adults. A report on Sky news discovered that around 74% of those under 35 are in the red and, on average, owe around £9000. More shocking still is the fact that over 12% have outstanding debts in excess of £20,000. For those experiencing this level of debt, many financial experts suggest that a debt consolidation loan is an efficient means of paying back their creditors. Young adults owe money to a variety of sources; be it student loans, bank loans or store card repayments. By placing all the debt into one, affordable monthly repaying in the form of a debt consolidation loan, they have a much greater chance of establishing 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.

Back to Consolidatemydebt Homepage
Back to Debt Management Articles