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Quarter of young people unable to define their debt levels
9 November 2007
A staggering 25pc of Britain's 18-24 year olds have no idea how much they spend on debt repayments1 each month according to recent research from credit reference agency Callcredit2.
This figure is highest in London and the East of England where one in five of all consumers are unable to define the proportion of their salary spent on repayments, not including mortgages.
In addition, a shocking one in ten 18-24 year olds is only able to define their level of unsecured debt to the nearest £5000, compared to 4pc of the overall population.
Callcredit debt expert Mark Ward comments "The vast majority of people are able to manage their debt levels effectively, but key to this is knowing exactly how much you owe. Checking your credit report is a quick and easy way to get a complete view on your financial situation and enables you to manage your money more effectively.
The Department for Business, Enterprise and Regulatory Reform defines an individual as overindebted if they are making unsecured debt repayments of 25pc or more of their gross monthly income. Our advice to people who are struggling with repayments is to contact their lender in the first instance, or a profession organisation such as the Consumer Credit Counselling Service to discuss possible repayment options."
