Summary

Original source:
http://edinburghnews.scotsman.com/business.cfm?id=171332005

Details

• FEARS that credit card companies make it too easy for young people to run up huge debts were raised again today with the publication of a report revealing 60 per cent of bankruptcy cases in Scotland involve the under-30s.
• A report by Bryan Jackson, of PKF Accountants and Business Advisers in Scotland, said the company had seen a ten per cent rise in personal insolvency cases last year.
• Levels of debt among the under-30 age group ranged from £7000 to nearly £60,000, the report stated.
• Credit card abuse was the most common cause of personal insolvency among Scotlandâ¬(TM)s young people.
• "Society is becoming increasingly materialistic and consumer-led.
• "Young people, in particular, are using credit cards and loans to enhance standards of living," Mr Jackson said.
• "According to recent trends, unemployment does not appear to be a contributory factor.
• In recent personal insolvency cases involving people aged between 20 and 30, all without exception were in full-time employment.
• "Lifestyle expectations have, however, soared and people seem to feel the need to supplement their income.
• Regardless of whether they can afford it, young people are buying up anything new that comes on the market, particularly technology, and are funding their purchases through credit."
• Despite taking steps to consolidate their debts, a number of people fell further into debt by continuing to abuse credit cards, the report found.

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