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04 January 2012
Research on how young people in the UK are dealing with the continuing economic crisis, published recently by The Insolvency Service, has caused concern over how young people are struggling to manage their debt.
The figures show that out of a preliminary analysis of 44,000 Debt Relief Orders (DROs) in England and Wales over the first two years since their introduction (April 2009), 25% of people with DROs fall within the 25-34 age bracket.
The data has instigated a campaign from The Insolvency Service called 'Dealing With Your Debt', supported by the Citizens Advice Bureau, Money Advice Trust and the Consumer Credit Counselling Service (CCCS).
The campaign aims to help young adults deal with their debt in the most appropriate way and if they are struggling with their finances seek help earlier rather than later. Chief Executive of The Insolvency Service, Stephen Speed, said:
"Owing more money than you can afford to repay is a daunting prospect, especially when you're young, but there are a number of options you can take and there is help available. If used correctly, a DRO can help people to address their debt problems and start again with a different attitude to credit and debt."
Whilst many young people are struggling to cope with levels of debt, Joanna Elson, Chief Executive of the Money Advice Trust said:
"The good news is that help is available and free advice services can make a big difference. It is vital anyone struggling with their finances is aware of charities like National Debtline, CCCS and Citizens Advice."
ENDS
Article reproduced with the kind permission of The Insolvency Service, an executive agency of the Department for Business in LONDON, UK, 2011-12-29
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