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Young lenders 'need to keep repayments consistent'

Young consumers need to get into the habit of regularly repaying their credit card balances, it has been advised.

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13 February 2009

Young lenders 'need to keep repayments consistent'”

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According to a spokesman for fool.co.uk, an independent online portal that offers advice and support on a range of financial issues, students need to focus on being more consistent with their accounts.

David Kuo, head of personal finance at the website, said many young people were returning home as they had run up unmanageable debts - which could be avoided with careful credit card use.

"One of the big problems we have now is that young people are too comfortable with debt," he said, adding that repayment was an essential part of borrowing.

Abbey recently coined the phrase 'Baby Boomerangers' to describe students who come back to their parental home as a means of getting their finances back in order.

The lender was also recently honoured for its Zero credit card at the 2009 Cards Awards ceremony. The card has an ongoing interest rate of 18.9% APR.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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