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Debt mythbuster

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05/10/2006

Recent research from Alliance & Leicester has confounded common myths about young people and debt. A survey into borrowing by the bank showed that although the under 30s have the highest debts, low-cost student loans dominate rather than credit cards. On average they have £1,073 outstanding on credit cards. In contrast, 30- to 50-year-olds have £2,580 outstanding on their plastic. Mortgages figure in the finances of 22% of the under 30s, compared to 59% of those in their 30s and 40s. However, young peoples’ mortgages tend to be one and a half times bigger than the next age group up – £126,000 on average compared to £79,000 for 30 to 50-year-olds. 

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