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Is there a solution to young people’s debt in the UK?


According to the GoCompare ‘generation debt’ report, almost half of people aged 18 to 25 have debts other than student loans and mortgages with the average person owing a whopping £3,109. This is extremely alarming considering the ages of those surveyed and how hard money can be to repay unless the right advice is sought – but is there a solution to young people’s financial troubles?

Borrow to pay off your debts 

While there’s much doom and gloom surrounding debt, there is light at the end of the tunnel in the form of debt consolidation. Companies like Avant UK provide low interest rate loans allowing those in financial difficulties to pay back the money owed to multiple creditors all at once – without having to worry about setting up numerous Direct Debits or getting in a muddle with final notice payments. 

Of course, the ‘borrowing to pay off your debts’ approach is not for everyone, but with interest rates kept to a minimum and reputable companies offering sound debt management advice, it is certainly an option to consider when getting back on your feet. 

Get free debt advice 

The troubling thing about debt is that it can quickly spiral out of control, particularly if you stick your head in the sand and fail to tackle your issues head on. Being without money is not a particularly pleasurable feeling, in fact, it’s been associated with anxiety and depression – but it’s crucial to remember there’s always a solution. No matter how bad your finances have got, you can completely or partially lighten the weight on your shoulders by seeking free debt advice from the likes of StepChance, National Debtline or Citizens Advice. 

In other words, never suffer in silence. There is always someone who will listen to you be it a loans company or a charity, so do all you can to get your bank balance back on the straight and narrow. 

Assess your spending habits 

It’s one thing falling into unavoidable debt; maybe you earn less than you have to pay out and are forced to use your overdraft. It’s another, however, to overspend on luxuries and unnecessary things then complain you’ve no money. So, to avoid making silly mistakes and getting caught in a cycle of poverty, take the time to assess your spending habits and make cutbacks where needs be. If you buy lunch out every day at work, for instance, perhaps try making a sandwich before you leave the house. Just £2.50 a day on snacks can work out to around £50 a month if you’re not careful showing how it all adds up. 

Make the most of money-saving apps 

Sometimes, youngsters get into debt by accident. Perhaps they withdraw too much money from the cash machine and enter their overdraft or perhaps they make a one off credit card payment only to misjudge how much they could realistically afford to repay per month. To prevent these mistakes from happening, try downloading the best money-saving apps out there which will help you monitor and track your accounts on a daily basis. 

It’s clear that many young people are struggling financially but there are ways to reduce debt significantly, if not completely, so it’s worth sussing out all the above options and more.

This is a collaborative post

5 comments

  1. I would highly recommend National debtline. They're a free service and are very helpful. I used them when I was drowning in debts - we're talking over £40k not including the mortgage! I had just been made redundant and couldn't find anything else (thank you recession).
    I finally found a low-paid job but I still managed to get out of debt.
    However dire your situation looks, don't despair. Get help. It's a VERY hard journey but you CAN do it.

    ReplyDelete
  2. I read that Post and got it fine and useful. creditfix.co.uk

    ReplyDelete
  3. My story is probably typical. Husband fell into an affair with a woman at work and left me,i felt my life was over and my kids thought they would never see their father again. i tried to be strong just for the kids but i could not control the pains that torments my heart, my heart was filled with sorrows and pains because i was really in love with my husband. Every day and night i think of him and always wish he would come back to me, I was really upset and i needed help, so i searched for help online and I came across a website that suggested that Dr Unity can help get ex back fast. So, I felt I should give him a try. I contacted him and he told me what to do and i did it then he did a (Love spell) for me. 28 hours later, my husband really called me and told me that he miss me and the kids so much, So Amazing!! So that was how he came back that same day,with lots of love and joy,and he apologized for his mistake,and for the pain he caused me and the kids. Then from that day,our Marriage was now stronger than how it were before,All thanks to Dr Unity. he is so powerful and i decided to share my story on the internet that Dr Unity real and powerful spell caster who i will always pray to live long to help his children in the time of trouble, if you are here and you need your Ex back or your husband moved to another woman, do not cry anymore, contact this powerful spell caster now. Here’s his contact,Email him at: Unityspelltemple@gmail.com , Call or add him on whats-app: +2348071622464 .

    ReplyDelete
  4. hi guys…. Amazing love spell that work fast
    I was having a great love for the past 7 months I know him for 2 yrs he had all bad habbits but wen he got interest over me he left evrythg jus for me and just to be happy he took care of me like my mother.. I was very much blessed the problem was I had three family frd (boys) I am very close to them…. my boy didn’t like me talking to those boys he didn’t tell me tht first he was always afraid that I would leave him… so he kept his fear inside his heart and was worrying a lot.. fa 4 months now wen I came to know tht he zz hving this feari decided to stop talking with everyone, but my boy is telling me tht he lost his pure love on me.. he is telling me tht he loves me but not like before I begged him very badly… for 8 days I cried and begged him….. v both are very close…. v are mutually into evrythg even sex…. now he zz telling tht he is tired of fear and he can’t be like before frdzz what should I do? what should I do to get him back? plz tell me i found online who help me to get back with my boy again he is back to me again with his real pure love all thank to Dr happy the real spell caster who help me out when i was in pain and tear plz contact him http://happyspelltemple.webs.com/ for more details email.....happylovespell2@gmail.com or add him on whats-app +2348133873774

    ReplyDelete
  5. hi guys…. Amazing love spell that work fast
    I was having a great love for the past 7 months I know him for 2 yrs he had all bad habbits but wen he got interest over me he left evrythg jus for me and just to be happy he took care of me like my mother.. I was very much blessed the problem was I had three family frd (boys) I am very close to them…. my boy didn’t like me talking to those boys he didn’t tell me tht first he was always afraid that I would leave him… so he kept his fear inside his heart and was worrying a lot.. fa 4 months now wen I came to know tht he zz hving this feari decided to stop talking with everyone, but my boy is telling me tht he lost his pure love on me.. he is telling me tht he loves me but not like before I begged him very badly… for 8 days I cried and begged him….. v both are very close…. v are mutually into evrythg even sex…. now he zz telling tht he is tired of fear and he can’t be like before frdzz what should I do? what should I do to get him back? plz tell me i found online who help me to get back with my boy again he is back to me again with his real pure love all thank to Dr happy the real spell caster who help me out when i was in pain and tear plz contact him http://happyspelltemple.webs.com/ for more details email.....happylovespell2@gmail.com or add him on whats-app +2348133873774

    ReplyDelete

Thank you so much for taking the time to leave a comment. I love reading them all and will try my best to answer all of your questions. If you would like to contact me for a quicker response please feel free to tweet me at (@ohsoamelia_blog) or email me. Kerry