Debtors Getting Younger

Wednesday, 15 September 2004, 10:31 am
Press Release: NZ Federation of Family Budgeting Services

PRESS RELEASE

A press release from the NZ Federation of Family Budgeting Services (NZFFBS), prompted by the annual review of results achieved by affiliated budgeting services

Debtors are getting younger according to the sampling of clients seeking budgeting advice in the 12 months to 30 June 2004.

Nearly half of all clients asking for budgeting help are aged between 26 and 35 years.

“Considering that the most common reason for people asking for budget advice is to deal with existing debt it appears that it is young families that are having the most trouble coping with debt” says Shirley Woodrow, President of the New Zealand Federation of Family Budgeting Services Inc. “We’ve being seeing over the last couple of years that the average age of our clients is getting younger” says Mrs. Woodrow.

Access to student loans and freer credit from banks and retailers combines to gradually create a pressure point when people are of an age to raise their families and they find that they can no longer service their debts and meet the essential costs associated with family life.

“It’s a good thing that people are requesting budgeting advice. It’s never too early” says Mrs Woodrow.

ENDS

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