The latest reports state that debt is now a ‘way of life’ for under 25’s. One of the UK’s leading debt charities has reported that the number of its 18-25 year old clients has doubled over the past 3 years!
Not only that, but debt will also 'hinder' any retirement saving. YouGov carried out a survey in April 2005 of 2,017 people for the insurer Prudential. It found that around 52% of the over 50s are still paying off debt and 45% of the over-60s said they were in a similar situation! With the Pension Commission describing the retirement plans of more than 12 million people as "inadequate", managing our money and clearing our debt is something we to take very seriously!
What steps can you take to avoid getting into debt? And, if you are already in the red and worried about coping, how can
you repair the damage?