Reasearch from Birmingham Midshires has found that nearly a quarter of people in their twenties have fallen into the debt trap of credit cards, car financing and overdrafts and therefore getting on the house ladder is less of a concern. Their report shows that 83% (compared to 72% last year) are more worried about finance and debt and homebuying comes a long way down the list.
Our view
What a shock “ where is the real regulation on credit? Every day we all get at least one and possibly two credit card offers. Whilst in a clothing store last week, one of our directors, who has a store card with a clothing group, was immediately offered another card from the group (just because it was a slightly different marketing brand. She was offered a 25% discount on the purchases, which was great value. Another £1,000 credit card with a form and a telephone call and the whole deal done in less than two minutes! No wonder younger people can get in trouble! As it happens, our director “ took the discount, saved over £100, paid the balance off and then cancelled the card.
Real regulation on credit card schemes please!