Posted 9/15/2023, 11:35:00 AM
Younger Borrowers Sinking Deeper into Debt as Majority Struggle to Repay Loans
- Large number of borrowers use over 50% of income for loan repayments, worsening debt issues
- Younger generation taking on more debt, with 58% of borrowers aged 25-29
- Prolonged indebtedness an issue, with 60% of borrowers over 60 still in debt
- Majority of debt unsecured loans like credit cards and personal loans not used for income generation
- Minimum payment requirements extending debt periods, making it hard for borrowers to exit debt cycle