Debt help could solve credit card woes for young people

16/02/2010

Research has revealed that a third of people under 20 are using credit cards on a daily basis.

The study, carried out by Moneysupermarket, found that 31 per cent of young people are reliant on their cards daily; above the national average of 17 per cent.

Peter Harrison, credit cards expert for the price comparison site, said: "Young people must work hard to avoid the temptations of becoming trapped in debt. Reliance on credit cards at a young age is a dangerous trend, especially now that our credit record can open and close so many other doors."

Structure debt management could help young people to deal with any credit card debt they have accrued in order to improve their credit options later in life.

The research also cleared up some gender stereotypes, as Mr Harrison said: "There is a national stereotype of a woman maxing out her credit card on bags and shoes, but our research shows that men are consistently more reliant on credit cards than women.

He added that women also tended to be "savvier" about choosing their card and would tend to pick the option with the most incentives offered.

Posted by Fiona Smith

Tags; Budgeting Advice,

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