Students take up consumer loans to cover monthly expenses
6 per cent of young people between the age of 18 and 29 take up credit or consumer loans to cover for daily consumption.
Most of them are students, according to a recent survey conducted by YouGov on behalf of the Nordea bank.
The survey also shows that consumer loans are particularly popular with young men – 10 per cent of men aged 18-29 are basing their life on credit, according to the news agency (ANB).
– It’s sad if young people have indebt themselves in this way to get through their studies, says Elin Reitan, consumer economist in Nordea.
Reitan believes that the reason why youngsters go for credit card debt is that study support does not suffice.
– The study support has not at all kept pace with the increase in living costs, and very few are able to live on that alone. Then it’s easy to resort to expensive credit to make ends meet, she tells ANB.
Nordea’s survey was conducted through a web based interview involving 1,005 people between the ages 18 and 29.
© NTB Scanpix / Norway Today