Positive young professionals likely to avoid debt
Young professionals in the UK are likely to steer clear of debt because of their "positive" attitude, says a debt specialist
James Falla, managing director of debt consultancy Thomas Charles, revealed that despite the pressures of first-time buying and student loan debts, the optimistic attitude of most 18 to 24-year-olds should keep them out of financial difficulty.
He did suggest that young people were starting to get into more and more debt, but insisted they hadn't had much time to generate large amounts, other than student loans.
Falla added that they weren't under any pressure to pay student loans back until they were earning enough and said it would be an extreme case for someone so young to declare themselves insolvent: "Generally the attitude of younger people in jobs tends to be, in my view, a positive one, so they're thinking: 'I'm not going to declare myself bankrupt and all the bad stuff that comes with that – I should be able to work my way out of this. Give me a couple of years, and everything should be fine'."
The Scottish National Party recently called on the government to remove the burden of student loans by replacing them with means-tested student grants.
Source: themoneypages.com
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