OFT and TSI issue debt warning
The Office of Fair Trading and the Trading Standards Institute (TSI) have attempted to raise debt awareness in young people.
On June 27th 2007, the two companies will stage the Young Consumer of the Year final, which will see schools across the country compete in a series of money and finance tests.
This comes as statistics from the Consumer Credit Counselling Service show that the average amount of debt owed by 18 to 24-year-olds is £12,790, consisting mostly of personal loans.
And Ron Gainsford, chief executive of the TSI, outlined the disadvantages of being in arrears.
"The problem with debt is that it affects consumers many years afterwards. When buying on credit you should try to shop around for the best rate," he said.
People in the 18 to 24-year-old age demographic may find it difficult to take out a mortgage in future if they fail to manage their finances now.
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