People who are currently in debt may find they have difficulty keeping up with bill repayments, which might lead to them developing a
bad credit rating and facing further financial issues.
This could particularly be the case for younger people, as new research has revealed many lack a sufficient understanding of personal finance.
The study from Credit Action found 27 per cent of the nation's school leavers have not received any form of education regarding money.
Furthermore, 46 per cent have never had any discussions with their parents on the matter and 36 per cent consider debt to be a normal part of everyday life.
Concern was expressed that this could lead to some people entering a debt culture where they never emerge from this state of affairs.
Setting a strict budget plan, paying bills on time, every time and exceeding the minimum repayment wherever possible can all help to repay debt and build a
credit rating, which may be a positive course of action for anyone in this position.
Posted by Tom Burroughs
