- Friday, 12 March 2010Britain's young people may find themselves needing
IVA help as they choose to maximise their available credit across multiple providers.
Nearly one in ten people aged 18 to 24 have three or more personal current bank accounts with an overdraft facility, according to new research commissioned by the Callcredit Information Group.
Some 11 per cent of those within the specified aged group have overestimated their income when applying for credit in order to secure a higher limit.
Graham Lund, managing director of Callcredit, said the recession may result in many consumers continuing to struggle with their finances.
"What's particularly concerning is the proportion of young people who appear to be targeting multiple providers for access to multiple overdraft facilities," he said.
"Lenders need to have a complete customer view - not only of accounts held with them but externally too - to ensure a consumer is not overburdened with credit."
Some one million financially-strapped consumers have also turned to a sub-prime credit card charging rates of 60 per cent, the Daily Mail reports.
Credit firm Provident Financial told the news provider that it receives up to 2,700 applications a day for its Vanquis credit card, with average rates of up to 59.9 per cent.
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