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Debt officials warn against ‘payday’ loans for young in financial trouble after Christmas
Officials have urged young people to seek advice if Christmas has pushed them into unmanageable debt and to avoid taking out high interest ‘payday’ loans.
The warning from the Insolvency Service came as official figures showed a growing mountain of debt among younger people.
The number of people taking out Debt Relief Orders (DROs) aged between 25 and 34 is more than any other age group, according to the Insolvency Service.
One in four people who have taken out DROs in England and Wales since they were introduced in April 2009 fall in to this age category.
The figures demonstrate the growing financial burden on young people, according to debt advice organisations.
About the author
12 March 2020
One ought never to turn one's back on a threatened danger and try to run away from it. If you do that, you will double the danger. But if you meet it promptly and without flinching you will reduce the danger by half
Failure can be a positive experience. It is, in a sense, the highway to success. Every fresh experience points out some form of error which we shall afterwards carefully avoid.
I am not discouraged, because every wrong attempt discarded is another step forward.
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