Moneyadviceforu

The UK’s payment association Apacs has launched a new guide aimed at helping young consumers manage their credit card spending more effectively, it has emerged.

Around 86 per cent of UK consumers aged between 18 and 24 have either a debit or credit card, according to Apacs and the association is keen to see young Britons gain a better understanding of their personal finance options.

In addition to a credit card users guide for young people, Apacs has also made available a similar publication for parents, with the aim of helping them offer worthwhile financial advice to their sons and daughters.

“Young people are spending ever-increasing amounts of money and it is therefore vital that they make a considered decision before choosing which product they use,” said Sandra Quinn, director of communications at Apacs.

“Being able to manage their personal finances is one of the most important life skills a young person can acquire, and these guides give both young people and their parents a useful introduction to some of the issues that they will face.”

Earlier this year, Apacs revealed that UK consumers are now spending more money than ever before on their debit and credit cards.