Young British residents are actually more Young British residents are actually more responsible than their older counterparts when it comes to using credit, according to an industry survey.
April 28, 2006 (Press Release) --
LONDON (easy-debt-consolidation-loan) April 27, 2006: According to a survey conducted by Alliance & Leicester, young people had the lowest levels of credit card debt of any age group.
Those in their 20s were actually found to spend the same proportion of their income on debt as compared to those in their 30s and 40s.
The under-30s had the highest debt to income ratio. But most of their debt comprised of very low cost student loans. It was found that 46 per cent of their debt was made up of student loans which are easier to service.
The managing director of A&L Retail Banking, Chris Rhodes said, "Our research confounds the stereotype that young people are spendthrift and irresponsible with their finances.”
He further added, “Student loans are their largest commitment and whilst the interest on these are low, it still seems to constrain their appetite for other debt. The interest burden of this age group is not out of line with older groups. Indeed, 30 to 50 year olds see their debt burden peak as unsecured debt combines with mortgage borrowing.”
This study by Alliance & Leicester shows that young people use credit responsibly.
For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or www.easy-debt-consolidation-loan.co.uk
Those in their 20s were actually found to spend the same proportion of their income on debt as compared to those in their 30s and 40s.
The under-30s had the highest debt to income ratio. But most of their debt comprised of very low cost student loans. It was found that 46 per cent of their debt was made up of student loans which are easier to service.
The managing director of A&L Retail Banking, Chris Rhodes said, "Our research confounds the stereotype that young people are spendthrift and irresponsible with their finances.”
He further added, “Student loans are their largest commitment and whilst the interest on these are low, it still seems to constrain their appetite for other debt. The interest burden of this age group is not out of line with older groups. Indeed, 30 to 50 year olds see their debt burden peak as unsecured debt combines with mortgage borrowing.”
This study by Alliance & Leicester shows that young people use credit responsibly.
For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or www.easy-debt-consolidation-loan.co.uk
Email
Print
SPAM
LEAVE A COMMENT
