Press Release Summary = The young citizens of the United Kingdom are urged not to develop a "credit habit".
Press Release Body = The young citizens of the United Kingdom are urged not to develop a "credit habit". This appeal comes after the revelation of a new research that one in five people between the age group of 18 and 29 are permanently overdrawing on their current account.
London ( adverse-credit-debt-consolidation ) July 14, 2006: According to the survey made uSwitch.com, one in five people between the age of 18 and 29 admit that they permanently overdraw on their current account. That is why the young Brits are urged not to rely on the cheap credit, which they are offered as students.
21 per cent of the people who were surveyed by uSwitch.com agreed that they are permanently in debt. The average amount they owe is almost twice the national average of 11%. It is found that over six million people within the age group have overdraft facility. They think of the facility as "free money" because overdraft offers are initially interest free.
Many students cannot but borrow on an overdraft, yet they should try to avoid developing "credit habit", suggested by Nick White, head of personal finance at uSwitch.com.
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