Young people pile up the debts


Education, Economy and Society

Recent figures provided by PricewaterhouseCoopers show that ‘unsecured’ consumer debt rose 9% during 2014 –to nearly £10 000 per household, an all-time high. http://pwc.blogs.com/press_room/2015/03/pwc-uk-unsecured-debt-set-to-rise-to-nearly-10000-per-household-by-the-end-of-2016.html

Though £4 billion of the increase came from credit card spending, £9 billion (around 46% of the increase) came from student borrowing, with PwC estimating graduates who started courses after 2012  will owe an average of £40 000 to £50 000. Student loan repayments are linked to salary levels –currently there’s a £21 000 threshold and because many university leavers will never earn graduate salaries, some estimates suggest that up to 40% of this debt will never be fully paid off.  

Nevertheless, while these long term debts affect future borrowing potential and the chances of getting a mortgage,   a 2014 analysis by Citizens Advice showed more young people turning to pay day lenders to finance their immediate expenditure (this accounted for 62% of the ‘high-interest’ credit…

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About Paul Champion

Some have called me a leader, and a entrepreneur, they say I have integrity, presence and skills to ensure continuous improvement and success in whatever challenges I face. They also tell me that I am positive, resilient and motivating. I say, I'm just a normaI guy from Gateshead in the North of England, who started as an apprentice engineer. I have been in the right place at the right time and in the wrong place at the wrong time! I have successfully initiated and led complex organizations and situations to completion and success, and I have been in some jobs where success seemed untouchable. Mainly though, I have tried to learn everyday, help people to progress and learn the skills they need to be successful. I have had the privilege of working with some great people locally across the UK and more recently internationally in Asia, Europe and now USA, where I am lucky enough to work for www.3aaa.co.uk where I am head of 3aaa USA. This website is just me having an outlet to talk about all those thoughts, ideas and things I learn that pass through my head every day when I face the challenge of doing business. I will also rant on about how great apprenticeships are, and how you can help change peoples lives through them. After all thats how I got to do the great things that I have done, and also I am still an apprentice everyday! All I ask is that if you find it interesting then leave a comment and share what you read. THANK YOU.

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