26 June 2007
Youngsters around the country have been receiving advice about how to make the most of credit cards and store cards, without getting into financial trouble.
The Office of Fair Trading (OFT) and the Trading Standards Institute (TSI) is nearing the end of its Young Consumers of the Year competition with its grand final later this week in Manchester.
The awards are part of a nationwide initiative directed at 14 to 18 year olds, helping school pupils develop consumer skills such as budgeting and increasing confidence in money and finance issues.
It comes as latest research by Consumer Credit Counselling Service (CCCS) shows under 25s are more likely to use catalogue and store card cards, but less likely than older adults to borrow on credit cards.
It also found that the average amount owed by 18 to 24 year olds totals more than 12,790, consisting of personal loans, credit cards, overdrafts, store cards and catalogue debt.
Ron Gainsford, Chief Executive of TSI, said: "Young people want to live for the day but the problem with debt is that it affects consumers many years afterwards.
"When buying on credit you should try to shop around for the best rate, check on repayments and if you get into difficulty get advice as soon as possible."
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