24 September, 2015
In response to the release of ‘Unsecured and Insecured?’, the new report from Citizens Advice, which talks of soaring debt among young people, Peter Tutton, Head of Policy at StepChange Debt Charity, said:
“We welcome the report from Citizen’s Advice and it reflects our own serious concerns about the growing number of young people falling into debt. Over 40,000 under 25s came to us for help last year, our fastest growing age group and four times the amount that contacted us five years ago.
Many young people are struggling financially due to unemployment, low incomes and insecure work like temporary or zero hour contracts and they often turn to credit to cope.
“We repeat our call on the government to introduce a new “extended breathing space” scheme, in which statutory protections are extended to people with temporary financial difficulties. Guaranteed freezes on interest and charges and a halt on enforcement action would help people to get back on their feet without falling further into debt.”
Notes to editors:
- StepChange Debt Charity’s vision is a society free of problem debt. Our ethos is founded on helping people to repay their debts where they are able to do so. Where they cannot, we provide advice including where appropriate supporting them through insolvency processes. We help them recover from a financial crisis and avoid such problems in the future. The number of people helped by StepChange Debt Charity has increased by 80 per cent over the last three years.
- StepChange Debt Charity is majority funded by voluntary donations from lenders who support the work of the charity. All of the money repaid by StepChange Debt Charity clients on Debt Management Plans is used to repay their debt. This allows StepChange Debt Charity to retain its independence and ensure that its advice is always in the best interest of the client.
- The StepChange Debt Charity free phone helpline 0800 138 1111 is open 8am to 8pm, Monday to Friday and 8am to 4pm Saturday.
- Online help is available any time from StepChange Debt Charity Debt Remedy at www.stepchange.org
- Follow us on Twitter: @StepChange and @Moneyaware