Debt ‘acceptable to young adults’
People who borrowed large amounts of money to fund their education no longer think there is a stigma attached to debt, it was suggested today.
The claim was made by James Ketchell of the Consumer Credit Counselling Service, who believes that student borrowing habits influence the financial behaviour of young adults after they have left university.
"It's easier for them in the future, to take up credit cards and personal loans, because the stigma has already been removed by taking out student loans," he said.
Despite the fact that many young adults now view debt as acceptable, few of them end up in financial trouble because of reckless spending and the majority only use credit as a means of paying for items they believe are vital, added Mr Ketchell.
People who graduated from university this year owed an average of just under £13,000, according to the 2007 Push Student Debt Survey.
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