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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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Action needed to tackle teen debt
February 13, 2007 2:44 PM
The Welsh Liberal Democrat Assembly Member for South Wales West, Peter Black, has reacted with concern to the news that more than half of teenagers have been in debt before they reach seventeen.
Statistics released by The Personal Finance Education Group stated that 52% of teenagers had been in debt by the age of seventeen and that 90% of teenagers worried about money but see debt as a way for people to spend more than they earn. One in twenty thought that credit card debt did not have to be paid back at all.
"Debt is becoming an increasing problem for everyone in our society," said Mr. Black. "The total amount owed in the UK is now £1 trillion and the number of people being declared bankrupt is at a record high. It concerns me that when debt is becoming such a problem for adults, the problem seems to be emulating itself in our younger population. While the amount they owe is probably quite small, in a years time many of these young people will be eighteen and vulnerable to many more temptations."
"Children and Teenagers need to be taught that debt is not a way to get easy money. Many young people see APR as just a number with no real consequence. If teenagers could see how much a loan with a high interest rate actually costs, many would be put off quickly. Schools need to teach pupils just how easy it is to get into debt and how difficult it is to get out of it. We need to change the culture of borrowing and help stop misconceptions about debt."
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