Culture of credit seducing Swiss youth and pushing them into debt...

One-third of people in debt in Switzerland are aged 18-25, a study has found, and almost half of 18-25-year-olds who were in debt in 2006 still are.

 In addition, 44 per cent of people who receive social security benefits are in the same 18-25 age-group, according to the Federal Commission for Childhood and Youth.

“I’m on a disability pension,” said Carlos, 24. “After I have paid the rent and health insurance, I have SFr1,480 ($1,685) for the month. I have a rental contract for the television and two credit cards. I owe SFr2,500 on the second card but I was able to get a new rental contract for a computer without a problem.”

“I did some stupid things when I was young, spending too much, going out, holidays… and I found myself two years behind on my taxes,” said Arnaud, 39, whose wages have been attached for the last seven years - in other words, not paid directly to him but part of them taken to pay off the debt. Full story...

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