Live Now, Pay Later
Live Now, Pay Later explores the rapid rise of debt amongst Britain's youth. Young Britons have never before had such easy access to money by way of interest free credit cards and cheap loans. This four-part series asks whether a society that puts huge pressure on young people to wear the right clothes, own the latest gadgets and stay ahead of the pack, is drawing young people into lifestyles.
The Credit Card King
At only 24 years old, aspiring entrepreneur Irfan has become a 'rate tart' – an expert at juggling his £20,000 debt between his 34 credit cards to fund the glamorous lifestyle he desires. But when investors pull out of his business, Bean to Bed, Irfan decides to take the even greater risk of using his credit cards to fund his commercial enterprise as well as his private lifestyle. In a climate where 80% of new businesses fail in their first year, and with no back up plan, will Irfan go under or can he turn his fortunes around?
21 and Broke
Meet self-confessed shopaholic Amanda who, at 21, has racked up a whopping £23,000 worth of debt. Amanda decides to abandon her only source of regular income in the belief that she would be better able to finance her addiction by following her dream of becoming a TV actress. Faced with the prospect of declaring bankruptcy at such a young age, and with auditions thin on the ground, how will the naïve Amanda meet her financial responsibilities?
Teen High Flyer
Martin, at 19, is a budding Richard Branson who is about to set up his own airline, Alpha1 Airways. He comes from a family of academics with no history in the business world but Martin is driven by a desire to succeed and live the high life. There's a lot of media interest in a teenager in a man's world but, having failed to get his airline off the ground last year and with staff and investors relying on him, Martin has to succeed this time if he is going to be more than a flash in the pan.
Sponging Off Mum
Seventeen-year-old Tarah takes home £1,000 a month from her job as a receptionist but still lives far beyond her means. Shopping sprees, nail bars, nights out with the girls – Tarah has no concept of what she is spending or the effect it is having on her impoverished mother who's left to bail her out every month. As tensions rise in the family home, will Tarah face up to reality before her relationship with her mother is damaged beyond repair?
The big spenders
Irfan Badakshi
In his own words, 24-year-old Irfan Badakshi is, 'a little boy pretending to be an entrepreneur'. Every month Irfan racks up £2,000 worth of debt on personal expenses alone and is plunging himself further and further into the red. Juggling his finances between his 34 credit cards, he sees the offers of interest free credit as a free loan which can fund the lifestyle he refuses to modify until his business takes off. But the investors pull out of his enterprise, and Irfan has to decide what to do next. Characteristically, he takes the even greater risk of using his credit cards to fund his business as well. Will he sink or will he swim?
Amanda Pardoe
Amanda Pardoe is only 21 but has racked up a whopping £23,000 worth of debt, Amanda dreams of being a TV actress and living the highlife. She decides to abandon her only source of income – a £300-a-week job singing in a cabaret club – in pursuit of that dream. Amanda describes how she enjoys the sensation of losing herself when she is shopping for clothes, and this eases the guilt she feels about her uncontrollable spending. But despite a mountain of clothes clogging up the bedroom in her mother's house, where she still lives, she doesn't seem to learn the value of money. Will the prospect of declaring herself bankrupt at such a young age help her resist the lure of easy credit and face up to her responsibilities?
Martin Halstead
Nineteen-year-old Martin has set his sights high. Despite coming from a family of Oxford academics who have no experience of the business world, Martin is about to set up his own airline, Alpha1 Airways, and hopes it will finance his fantasy James bond lifestyle. He has already experienced failure, so will he be able to capitalise on the media interest in such a young man having such high hopes of getting an airline off the ground?
Tarah McHale
Tarah, 17, lives with her Mum in Essex. Unlike most of her friends, she left school at 16 and now works as a receptionist in London, taking home over £1,000 a month. But Tarah has the consumer aspirations of a woman twice her age and usually spends her entire monthly paycheck within days of receiving it. She has no concept of what she is spending and no conscience about what this is doing to her mother who, has no spare funds but still has to bail Tarah out every time the cash machine spits back her card. As tensions rise in the family home, will Tarah realise that something has to give before she destroys her relationship with her mother completely?
