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Credit card charges: Children 'will pick credit over saving'

Young people may well end up paying credit card charges because they are more likely to choose credit as a source of finance rather than saving.

David Rodger, managing director of the Debt Advice Foundation, a provider of free and impartial debt advice, explained that children are very aware that saving is a good thing.

He also explained that children know savings accounts are a more effective way of saving than current accounts are.

However, he also said that the fundamental problem is the presentation of credit.

"The main challenge facing society is that many children, when presented with the opportunity to have something immediately by taking out credit, will choose to do so over saving - even though they know they'll end up paying more for it because of interest," Mr Rodger said.

Recent research by Which? revealed that young savers are not getting a good deal from banks and building societies.

Amir Hussain

Amir specialises in personal loans
 ADNFCR-2776-ID-800637515-ADNFCR



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