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Loan claim: Under 25s at greater risk of getting into debt

High unemployment levels have raised fears that people under 25 are more likely to fall into debt.

StepChange, a debt charity, said that 34 per cent of people under the age of 25 who approached the charity last year did so because of unemployment.

Recent reports from the Office for National Statistics showed that youth unemployment rose by 11,000 in the final quarter of last year. This was the biggest rise across the year.

External affairs director for StepChange, Delroy Corinaldi, said that the high levels of youth unemployment show how vulnerable young people are as a result of the state of the economy.

Bank of England reported earlier this month that it expects the British economy is making a recovery, although this is happening slowly. It also says that it cannot yet decrease inflation to its target level of 2 per cent.

This means that the cost of living for British households will remain high for some time, making it more difficult for people who are unemployed to live by their means.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801545519-ADNFCR

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