13 May 2008
Disadvantaged young people in Britain are finding themselves struggling with "endemic" levels of debt in the form of credit cards, store cards and loans.
According to young people's charity Rainer, almost half of those polled between the ages of 18 and 24 owed over £2,000, while one in five owed more than £10,000.
With record levels of consumer debt in Britain, the survey reveals that more than one in three respondents are left with less than £5 per week after debt repayments, bills and living costs, while one in five are left with nothing at all.
Joyce Moseley, Rainer chief executive, warned: "One unexpected expense can see their debts spiralling out of control and this has a devastating impact on their lives."
Rainer is urging the government to reduce the availability and marketing of store cards to young people, improve advice and information available to young people about debt and provide greater access to the benefits system for those studying for GCSEs and A-Levels.
A recent study by charity Mind found that 91% of those with debts felt that it was affecting their mental health, while people with mental health problems are estimated to be three times more likely to have high debts than the general population.