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🇫🇷 France /Economy & Trade

I Didn't Even Dare Answer the Phone Anymore: Who Are These Young People Falling into Debt?

From Le Figaro · () French

Translated from French, summarized and contextualized by DistantNews.

At a glance

In-depth Sources not specified Context piece
  • Young adults aged 18-29 now account for 15% of debt relief applications to the Bank of France, a significant increase from 5% in 2022.
  • Many young people are taking out loans for consumer goods, family support, or minor home improvements, leading to escalating debt.
  • One 24-year-old woman accumulated 36,000 euros in debt from multiple loans, highlighting the ease with which young individuals can fall into financial distress.

Michelle, 24, still struggles to comprehend how easily she obtained her first loan. "I filled out the form explaining it was for domestic work. Eight days later, the 8,000 euros were in my account," she recounted.

In 2022, after earning her professional baccalaureate and securing a job in hospitality with a monthly income of 1,900 euros, Michelle moved into her first apartment. At the time, nothing suggested she would eventually file for debt relief with the Bank of France. Today, she owes 36,000 euros.

I filled out the form explaining it was for domestic work. Eight days later, the 8,000 euros were in my account.

— MichelleMichelle describes the ease with which she obtained her first loan.

Her financial troubles began with a desire to help her mother, who was facing difficulties and could no longer secure loans herself. Michelle took out a loan to assist her, using part of the money to furnish her apartment. This was followed by a sofa financed on credit, a tablet paid for in installments, and another loan to support her parents again. "Taken separately, they seemed manageable," she reflected, illustrating how small, seemingly independent financial decisions can snowball into overwhelming debt for young adults.

Taken separately, they seemed manageable

— MichelleMichelle reflects on how individual loans contributed to her overall debt.
DistantNews Editorial

Originally published by Le Figaro in French. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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