A campaign launched today calls on credit card companies to exercise restraint when giving credit to young people.
The National Youth Council of Ireland's 'Can You Credit It' campaign is calling for a series of measures to be introduced to tackle the growing debt problems of the nation.
The initiative is being backed by Eddie Hobbs, the consumer advocate and financial advisor.
40% of 20 to 29-year-olds use credit cards and many use them to subsidise a lifestyle they cannot afford.
In the last three years, credit card debt in this country has grown by 56% and now the National Youth Council is calling on consumers and financial institutions to make an effort to cut down on the growing debt problem.
Described by Mr Hobbs as a gateway drug into a life of credit card addiction, many students are now leaving college with credit card bills and student loans to repay.
This campaign is calling for greater protection for young consumers.
It calls for the Competition Authority to examine the cost of credit cards, more clarity for customers when buying credit and a better awareness amongst consumers.
The National Youth Council says it hope the campaign will spark a change of mindset when it comes to borrowing money.
