While six million young British have bank accounts containing an overdraft, nearly two thirds of them regularly exercise this option. More than one in five young British admitted owing more than £ 1,000 to his accounts, while the average found among this age group is currently £656.
The study claims that this high proportion of young people using the overdraft facility is double the national average. One reason for such high levels of debt has been the impact on the bank balances of attending college, and with recent changes in the funding of higher education, it is expected that the debt concerns of young people will worsen.Moreover, unless the current generation of British youth is capable of resolving their debt problems in the coming years, for example by using a debt consolidation program, they will have less money for their children's needs at the time they are preparing for college.
Many young people have a relaxed attitude towards debt, resulting in many people going into debt.
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For more information: Debt Consolidation
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