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1418
Credit card debts hitting under-30s
14/02/2005

People under the age of 30 who become bankrupt are becoming an increasingly common sight, with credit card debts one of the chief causes according to a new study.

Findings from PKF Accountants and Business Advisers suggest that almost two-thirds of bankruptcies fall into that age bracket as the average age drops.

With loans and credit cards now more easily accessible there has been a marked shift in the type of person who cannot meet their debt repayments.

PKF insolvency specialist Bryan Jackson said the "buy now, pay later" ethos of the younger generation who seek an aspirational lifestyle was causing problems when debts came to be settled.

"Regardless of whether they can afford it, many people are enhancing their lifestyle and funding their purchases by means of credit," he explained.

Almost 36,000 people went bankrupt in England and Wales in 2004, an increase of more than a quarter on 2003.

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