Secured loans to ease spiralling credit card debt
01/05/2008More young people could seek debt consolidation solutions such as secured loans - as it is suggested many struggle to control their spending.
According to Cliff D'Arcy, a personal finance expert and writer, recent figures conducted by the Monilink mobile banking network revealed consumers in the age range of 16 to 34 years are taking on more debt than they can handle.
The study showed that over a quarter of the people in this demographic admitted they were running up bills on credit cards as a means of buying the latest consumer goods in a bid to keep up with their peers.
"Two-thirds of these young people have admitted that they are still trying to clear credit card debts that they built up two years ago," he added.
Monilink's research also noted that 21 per cent of Brits would rather treat themselves by shopping rather than saving money and 22 per cent admitted they were struggling with monthly debt repayments.
For some, secured loans are a simple way to ease monthly credit card debts.
 © Adfero Ltd
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