Tackling the "proliferation of credit" with secured loans
27/03/2008More people could find themselves seeking debt consolidation with a secured loan as one expert suggests that obtaining credit is becoming more acceptable.
According to a spokeswoman for, Scottish Widows, young people are most at risk of running up debts and often need financial help when this becomes unmanageable.
Anne Young, savings expert at Scottish Widows, said recent research suggesting parents are handing over around £12,500 to their children to help financially was "not surprising at all" and that many young people begin their working life under the shadow of debt.
"Children find themselves spending on credit cards up to their limit, I don't think we really do enough in educating our young people to manage their credit … but also it's the proliferation of credit that is available now," she said.
Many people struggling with credit card debt find that debt consolidations with a secured loan can offer an easier and cheaper way of getting their finances under control, as often such borrowing offers more competitive rates than a personal loan.
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