Young Home Buyers in Debt

Buying your first house can be very exciting but it can be a very stressful time as well due to the amount of financial support that is often needed. Many young home buyers are taking out expensive personal loans and overdrafts so that they will be able to pay their monthly bills. A leading debt charity heard that this is leading to extensive long term financial problems for young home buyers. According to the Consumer Credit Counselling Service (CCCS), people under 25 who have bought a house owe two-thirds more money than tenants in the same age range do. On top of this debt, the homeowners also accumulate a lot more credit. ...

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