Concern over growing debt among young people

Bailey concerned by growing debt among young people

FCA chief executive Andrew Bailey has warned of a “pronounced” build up of debt among young people. In an interview with the BBC, he said the young were having to borrow for basic living costs. The regulator also said he “did not like” some high cost lending schemes. He said consumers, and institutions that lend to them, should be aware that interest rates may rise in the future and that credit should be “affordable”.

Source: BBC News