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Time Out! The MP Blog

Welcome to the Marshall Peters Blog. Here you will find useful articles on a variety of finance related topics. Enjoy!

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.

To read this article in full, please click this link

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Wednesday, 10 August 2022