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Young Brits 'making more credit card claims'

Young Brits are at greater risk of suffering from high credit card charges and loan claims than older people, a study has shown.

Investigations by MoneySupermarket.com found that 11 per cent of 18 to 34-year-olds have made cash withdrawals through a credit card, compared with eight per cent of the general populace.

Furthermore, 15 per cent of this demographic admitted that they had left themselves susceptible to bank charges by using an unauthorised overdraft, while the UK average is just seven per cent.

While four per cent of Brits have made a payday loan claim, seven per cent of younger people have.

A total of 19 per cent of 18 to 34-year-olds who have used credit said they are relying on it more this year than last year because their budget has been squeezed, with this averaging 12 per cent across the UK.

"The cost of living is going up, driven in part by the rising cost of household bills and as a result, millions of people are regularly borrowing money to make ends meet," banking director at Santander Reza Attar-Zadeh recently said.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801450516-ADNFCR



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