Easy credit has young in deep debt
NSW teenagers now have an average debt of $3,000, a Fair Trading survey has revealed. For young people aged between 18 and 24, the debt level rises to $6,000 with mobile phones, easy credit and personal loans being blamed along with peer pressure. The survey also shows that both young people and their parents believe that banks and other lenders deliberately target under 24s.
The Youth Debt Survey found under 18s have an average debt of $3,390 each while 18-to-24s have an average debt of $5,380 each. Mobile phones, credit cards and cars constitute the biggest expenses with teenagers start getting into debt at about age 16. Debt levels then rise sharply from 18 to 24 although young people rate debt as a major concern.