Don't give problem debt time to grow
07/12/2010

Financial solutions company Think Money has reminded struggling borrowers not to ignore or put off problems with debt, after research from insolvency trade body R3 found that many young people are risking serious debt problems by delaying getting help and ignoring bills.

Online PR News – 12-July-2010 – – Financial solutions company Think Money has reminded struggling borrowers not to ignore or put off problems with debt, after research from insolvency trade body R3 found that many young people are risking serious debt problems by delaying getting help and ignoring bills.

R3 interviewed people of various age groups who are currently experiencing problems with debt. It found that younger people are far more likely to make decisions that risk causing serious financial problems in the future.

36% of people in the 18-24 age group said they had not sought debt help because it is "easier not to think about it", compared with 9% of 55-64 year olds who said the same.

Meanwhile, 26% of 18-24 year olds said they don't open bills because they can't face them, compared with 10% of the 65+ age group.

A debt expert at Think Money commented:

"It's concerning to see such a difference in the ways younger and older age groups approach debt problems. Furthermore, it's worrying to see so many older people struggling with debt, even in retirement.

"Regardless of age, the last thing anyone should do is ignore the problem. With interest and fees often accruing, the debts may continue to grow and this could make the problem much worse.

"Borrowers should take action at the first sign of problems and contact a debt adviser, who can advise on the best approach to take towards tackling the debts. For example, a debt management plan could enable the borrower to repay the debts at a pace they can manage.

"But there are various options open to people in debt, and borrowers should always seek the opinion of an expert debt adviser to make sure they're making the right decision."

-ENDS-

Notes to Editors

One of the UK's leading financial solutions providers, Think Money is based in Salford Quays, Manchester, and employs around 800 employees to deliver a comprehensive range of debt, loan, insurance and banking solutions.

Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.

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