Young people need to be educated on how to effectively manage personal loans and credit cards, a financial specialist suggests.
Becky Boden-Wilkes from National Debtline comments that young people need to learn how to budget their finances and how to use credit available from personal loans in a sensible and responsible manner.
Ms Boden-Wilkes adds that taking on loans from financial services companies is something almost everyone has to do at some point in their life.
"Debt isn't a bad thing by any means, most of us use credit and have a personal loan, credit card or mortgage, credit is there to get you through the ups and downs," she remarks.
Furthermore, young people should be educated on financial literacy so that when taking out a personal loan or credit card they are aware of financial terms such as APR, Ms Boden-Wilkes suggest.
Recent research by Sainsbury's Bank found that most people are taking out personal loans to fund the purchase of a new car or to add value to their property through home improvements .
News Side
Youngsters need credit card education
Thu, 27 Sep 2007
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