/24-7PressRelease/ - LONDON, UK, May 04, 2006 - Contrary to the popular perception, not more than 8% of the under 30's owe more than 5000 on their credit cards which is in stark contrast to 18% of those in their 30s or40s. As per the figures, they only have a little over 1000( 1,073) that is almost about 5% of their household incomes as opposed to more than double ( 2,580) or equivalent to 8% of the household income of the people in the 30-50 years bracket.
Recently released study reports from Alliance and Leicester have unveiled a lesser-known truth associated with credit card spending and the trends related to its usage. It blasts the myth that presumes the young people to be more likely than any one else to have the highest credit card outstanding.
In fact there are several other facts revealed by the study that give a clearer picture of the financial status of different age groups, especially the youth. Interestingly, one in every two (51%) of the under 30 has an overdraft compared to 38% of those in their 30s and 40s. This also makes more than one third of them (30%), most of who are students and hence enjoy a free overdraft, to owe 1000 or more, compared to 17% of the older group.
However, one amusing fact, which vindicates the youth from the charge of being personal loan defaulters, is that only a miniscule quarter (26%) of the under 30s avail a personal loan as against 38% of the loan borrowers in the 30s and 40s segment.
As a matter of fact, even after adjusting for the lower incomes of the younger lot, the above patterns further endorse that the youth, no longer have an obsession for their plastic cards.
For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.shakespearefinance.co.uk
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