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Bank claims: Younger generation 'see debt as normal'

Young people now consider debt to be "completely normal" and many are now realising the amount they owe is less manageable than they thought.

That is according to Annie Shaw, editor of CashQuestions.com, a website that allows members of the public to ask a question about personal finance and have it answered free of charge by an expert.

She said: "[Young people] have seen that it is completely normal to buy things on credit cards, it has been normal to get a nought per cent deal when you buy [things]; taking on debt has become completely the norm.

However, Ms Shaw claims that in the future, people are going to become more adverse to debts and will be reluctant to take on additional debts.

"People are going to be reluctant to take on so much debt because they want to know how they are going to pay it off," she added.

Her comments follow research by Scottish Provident, which found that Brits only see themselves in serious financial difficulty once they are in over £15,837 of debt.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.
 ADNFCR-2776-ID-800346181-ADNFCR



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