See the difference between what people think causes debt, and what really does—in a neat graphic.

The light green bars show what people surveyed thought was the  biggest cause of financial difficulties.

The reality is shown in dark green.

The publishers,  the Consumer Credit Counselling Service, say that nearly half the debt problems of their [...]]]>

See the difference between what people think causes debt, and what really does—in a neat graphic.

The light green bars show what people surveyed thought was the  biggest cause of financial difficulties.

The reality is shown in dark green.

The publishers,  the Consumer Credit Counselling Service, say that nearly half the debt problems of their clients are actually caused by work issues such as redundancy, reduced working hours or a pay cut. Life issues, such as divorce, bereavement and illness, are another common cause. Overspending is the main cause of debt in only 10 per cent of cases.

Provided by cccs.co.uk

More discussion of this, and a fuller breakdown at the CCCS website.

Hers was one of the case studies featured recently at an event hosted by Leeds City Credit Union.

The credit union gave [...]]]> A young mother borrowed £1,000 from a doorstep lender to pay for furniture. Two years later she had repaid the company £3,800 at a rate of £159 a month. She still owed £600.

Hers was one of the case studies featured recently at an event hosted by Leeds City Credit Union.

The credit union gave the young woman a loan for the full amount. That brought her monthly payments down to £38. She opened a budget account to help her manage her bills and a savings account to help with the cost of Christmas.

These are the kinds of services offered by the best of the country’s credit unions. They also have a remit for financial education.

Find out what they can do for young people locally. The credit union website has a search page. Fill in a postcode or other keyword to find what’s around your area.

Many of those refused will be young people who have not been able to build up a good credit rating. Yet most will want to borrow money at some point – for a major purchase or to [...]]]> Refused credit? The charity Credit Action estimates that 25,250 applications for consumer credit are turned down every day.

Many of those refused will be young people who have not been able to build up a good credit rating. Yet most will want to borrow money at some point – for a major purchase or to get a few weeks to pay using a credit card. Remember, too, that mobile phone contracts are a form of credit.

There is one simple thing that young people can do to increase their chance of success. That’s to register to vote. Credit reference agencies use the electoral roll to check names and addresses. Not being on it can cause practical difficulties – having to produce alternative ID such as driving licence or utility bill. Which, of course, not all young people have.

You have to be aged 18 to get credit or to vote. But you can get on the electoral register at age 16. Normally, registrations happen between August and November every year when the local electoral registration office delivers registration forms to all homes. But there’s no need to delay. You can register at other times by completing a registration form online, printing and signing it, and sending it to the local electoral registration office. See About my vote.