Poll: Youngsters struggling under debts
Article Category: IVA (Individual Voluntary Arrangement)
Up to one quarter of young people in the UK have suffered mental health problems because of bad debt, new research has said.
A report – called Penny for your Thoughts – by charity YouthNet also revealed one in five 16 to 24-year-olds hope for the best when it comes to their finances.
More than two-thirds (68 per cent) of those polled said they had been encouraged to take out credit they did not want or could not afford.
The report found almost half (47 per cent) of the young people asked had experienced debt problems.
Janet Roberts, grants manager at the HBOS Foundation, said: "This report highlights the serious strain bad financial decisions can put on people’s mental health as well as on their pockets."
A Mintel report released in 2007 found one in five youngsters aged between 18 and 24 would consider declaring themselves bankrupt or file for an IVA (individual voluntary agreement) if they had bad debt problems.
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