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Pastimes : The New Qualcomm - write what you like thread.

QCOM 172.98

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Jan 2 9:30 AM EST

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To: Maurice Winn who started this subject	5/7/2001 5:37:17 AM
From: Dennis Roth	of 12246

Mobile phones creating wave of young bankrupts timesofindia.com SYDNEY: School children and other young people are being forced into bankruptcy by running up huge debts on mobile phones after being deluged with offers of easy credit, officials say. Mobile phone debts are being blamed for a doubling in the number of Australians under the age of 25 declaring bankruptcy in the past five years, the Sunday Telegraph newspaper said. Fair trading minister John Watkins is threatening to prosecute phone companies who exploit young people by offering easy credit that allows them to run up big debts they can't pay. "Some young people are now leaving school in debt, with a bad credit rating. That is just a tragic way to start out in life," Watkins was quoted as saying. Thousands of young people have signed up for mobile phones, lured by advertisements promising service at low cost. Many end up receiving huge bills because they make hundreds of calls or don't check the complicated contracts they sign. Australian Consumers Association spokeswoman Louise Petschler said mobile phone contracts are the biggest financial headache facing many young people in Australia. "We know of people as young as 18 who are declaring themselves bankrupt because they either cannot pay bills, or they can't meet the cost of getting out of contracts," she said. (AP)

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