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BankruptcyNews
Junior Member
358 Posts |
 Posted - 22 October 2007 : 09:53:41
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Young backpackers 'often end up in debt'
Young people planning to travel during a gap year between school and university are confident that they will be easily able to pay off debts they amass while away.
Tom Griffiths, founder of gapyear.com, explained that it was natural for young people to struggle to stick to a budget while travelling.
"When you're out there, the natural thing is for you to say: 'I'm going to buy these things now, and pay later.' Unfortunately, when you're on a long trip, these things can add up," Mr Griffiths added.
"Every year we see people who do overspend. But what they tend to do, because it's a gap between … school and university [or] university and a job, they do come back with debt but with a view to paying it off."
Mr Griffiths said that it was common for people on gap years to use "the bank of Mum and Dad" if they got into debt while away.
However, he pointed out: "But the problem with the bank of Mum and Dad is that they're paying credit card rates."
Separately, Mr Griffith explained that travellers were finding it difficult to use credit cards while backpacking as providers often misinterpreted foreign use as fraudulent transactions and blocked the card.
Source: moneyhighstreet.com
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atpgirl
Junior Member
173 Posts |
Posted - 06 June 2008 : 13:23:27
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Just thought I would offer some advice for those that do end up in debt because I had to resort to a few options to get myself back out (I had a lot of debt 3 years ago 22,000 pounds :( eek) My debt was due to Uni loans and sadly I was to far in to get to go traveling afterwards. However, enough of that, but I found an IVA to work for me the first 5 years. That helped me get rid of most of my debt. Here's a link to the IVA website I used...
http://www.insolvencyhelpline.co.uk/iva-guide/index.php
And then after that I still have about 5,000 pounds of debt and then I took out a personal loan to just get rid of it right away and got a really good rate for that loan. I think that this is a good website because it compares different lenders' rates
http://www.uswitch.com/loans/cheapest-loans-uk.html
But I would definately read up on possible problems that you can come across before deciding to take my route...if you are ever in the situation (hopefully not!) http://uk.moneto.eu/financing/personal/advantages/
I hope this is of use to you guys :)
Cheers :) |
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RupturedBank
Starting Member
1 Posts |
Posted - 19 November 2008 : 10:30:38
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quote:
Originally posted by atpgirl
Just thought I would offer some advice for those that do end up in debt because I had to resort to a few options to get myself back out (I had a lot of debt 3 years ago 22,000 pounds :( eek) My debt was due to Uni loans and sadly I was to far in to get to go traveling afterwards. However, enough of that, but I found an IVA to work for me the first 5 years. That helped me get rid of most of my debt. Here's a link to the IVA website I used...
http://www.insolvencyhelpline.co.uk/iva-guide/index.php
And then after that I still have about 5,000 pounds of debt and then I took out a personal loan to just get rid of it right away and got a really good rate for that loan. I think that this is a good website because it compares different lenders' rates
http://www.uswitch.com/loans/cheapest-loans-uk.html
But I would definately read up on possible problems that you can come across before deciding to take my route...if you are ever in the situation (hopefully not!) http://uk.moneto.eu/financing/personal-loans/
I hope this is of use to you guys :)
Cheers :)
Great advice, thank you!! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 December 2008 : 19:30:32
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I second that!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Young backpackers often end up in debt
