Leading debt charity Consumer Credit Counselling Service (CCCS) has warned that a large number of 18- and 19-year-old “inbetweeners” are starting adult life in serious debt.A total of 753 young people aged 18 and 19 contacted CCCS in 2010, seeking advice on how to deal with an average of £2,254 in unsecured debt. For those who had overdraft debt, the average amount owed was £671, for those who had a personal loan, the average borrowed was £2,610, and for those who had credit card debt, the average outstanding balance was £898.


The charity is concerned by the proportion of 18- and 19-year-olds who blame lack of budgeting for their debt problems, which is twice that for CCCS clients overall. In 2010, one in 10 clients in this age group cited a lack of budgeting as the main cause of their debt problem, compared to five percent of clients across all age groups.
The charity says that these figures underline the need for financial education to be added to the school curriculum. CCCS recently gave its backing to an e-petition, launched by moneysavingexpert.com founder Martin Lewis, calling for financial education to be...Read more on this story---> CCR Magazine - Inbetweeners’ debts spark call for financial education