Paladin
KC Hill
Craig Hill
Oracle of DelphiEasy finance, attracts the young in debt.
December 2nd 2006 19:10
Easy finance, attracts the young in debt.
So many young people are falling into the the finance traps placed by the car dealers who see that the young who have jobs and plenty of cash to spare are a real target for finance on cars, gone are the days when a youngster would save up and buy their first car with a handful of pound notes, where they could buy a decent second small car, with low insurance and gained some road experience for a while, now it seems that they are jumping in with both feet into the world of car finance and for some they are just finding out just how expensive that can be.
In some cases there are youngsters who are taking out a loan for the deposit on their car and having the rest on a finance which has a high interest rate because the borrower has no credit history at all and is therefore a risk, there cases where some one has borrowed £9000 and ended up owing over £20,000 which of course is a huge amount of money to owe at any age.
There is help out there, as a first stop the Managing Debt page on the governments Direct Gov site is a good start.
Debt Advice
Direct Gov
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