The Registry Trust have revealed that they have seen a 30% increase in CCJs for this age bracket.
Many factors have been attributed to this:
- Younger people tend to move address more often resulting in documents being served at the "last known address" often being missed;
- Increasing housing market; and
- Easily accessible payday loans.
The number of people in their 20s with court orders for unpaid debt has risen sharply in the last year, according to figures seen by Radio 4's Money Box. Court records from the Registry Trust show that last year 160,000 were given CCJs, up 30% from the year before. Why the increase? Zero hour contracts, payday loans, unstable jobs, mobile phone bills, subscription services and increasing rent prices are thought to be partly behind the rise, the Registry Trust says.