Credit card claims could provide young consumers with the initial financial boost they need to build up savings that could be useful in the future.Due to the banking crisis and the resulting austerity measures, many young people are finding it difficult to pay for essential purchases and still have enough money left over at the end of the month to contribute to a savings account, said the editor of Cashquestions.com Annie Shaw.She explained that many people in their 20s and 30s are out of work or are surviving on low wages, but if they could somehow find a way to start saving then it may help them avoid debt problems in the future."Young people should be aware of the power of compound interest and a long-term investment," she added.Last month, Standard Life revealed the average UK consumer will spend £152,000 on credit cards during the next 40 years, but will only save £67,200 during the same period.Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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