Summary
People under the age of 30 are declaring bankruptcy in alarming numbers and credit cards are usually to blame. With easy-to-get credit, many Scots are falling prey to their credit cards and they are declaring bankruptcy in order to get out from under their piling debts. Most all of these bankruptcies involve employed people who simply live beyond their means.
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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Sunday, February 27, 2005
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