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Teenagers `scared of debt`

19/08/2010

Nearly two thirds of teenagers are `scared` of debt, according to a survey for discount website MyVoucherCodes.co.uk.

Fully 64% of 1,482 teenagers (aged 14-17) questioned said that they`re actually scared of debt. 53% said they don`t trust lenders.

21% said that they didn`t plan to take out a loan or have a credit card - ever. Of the people who didn`t want to take out a loan, 89% added that a mortgage was the only kind of debt they`d ever consider taking on.

Asked about their attitude to debt, 13% said they didn`t want to end up in the same situation as their parents.

23% were put off by the interest that`s charged on credit card debt and loans, and around 20% were worried that having access to credit would make them lose control of their spending.

And 7% said they`d decided not to go to university because of the amount of debt they`d accumulate while they were studying.

56%, however, did plan to get a credit card or loan later on.

Personal finance expert at MyVoucherCodes, Farhad Farhadi commented that the recession seems to have had an impact on the way young people think about debt.

"I think a lot of young people have been put off the idea of debt having grown up during a particularly bad recession," he said.

"The younger generation are more financially savvy now than teenagers were in the past and I think a lot of youngsters have evidently learnt a lesson from their parents, who may have got themselves into debt."

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Debt Advisers Direct offer debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according