Why children are drowning in debt

And I blame student loans.

Yes, of course, young people - especially those with the brains to go to university - should be sensible about money and live within their means.

In the olden days that's what happened. Students had a pittance of a grant and lived on baked beans and dressed at charity shops. Unless they had wealthy parents, they had little option. No chance even of a modest overdraft, for who in their right mind would lend money to a penniless student?

The Government, that's who. Because they have made debt acceptable. More than that, they have encouraged it. Made out that it's a Good Thing.

Instead of grants, students get loans. Most students now start their working lives more than £10,000 in debt. Some owe nearly double that.

That's a lot of money. But the worst thing about it, is the attitude it creates. That level of debt has become normal, praiseworthy even, nothing to worry about, pay it back when you're working.

And if you're in hock for £10,000, then you might as well borrow a few hundred more and have a decent holiday, buy some new clothes, go for a night out clubbing. Because if £10,000, then why not £11,000 or £12,000?

You can see how it goes, can't you?

And it is not helped by the irresponsibility of the banks who make some of their enormous profits out of students without two pennies to rub together. They force feed them credit cards, overdrafts, blank cheques. You'd have to be strong minded and clued up to resist.

Hansel and Gretel were enticed into the woods by an old witch offering them sweets and gingerbread. Modern teenagers are seduced by the smiling offers of plastic and credit and loans.

And once they've accepted the smiling offers and believed what the banks tell them, then SNAP! The trap slams shut and the smiling bank turns nasty and wants its money back. Tens of thousands of youngsters go bankrupt, their financial futures wrecked. And meanwhile the banks rack up record profits and the Government wants more students in university - to fall into the same trap.

When children started work at 14, the age of financial responsibility was 21, so they had seven years of earning to learn the value of money before they were trusted with loans and debts and mortgages. Now they have credit cards thrust on them while they're still at school and are still financial babies - hopeless and clueless about the value of money.

Going bankrupt in your twenties might be one way to learn. But there must be better ways.

A DAY in London on Saturday included a spur-of-the-moment trip on the London Eye. (£12.50 a go but brilliant views and, yes, it's worth it.) In the 20-or-so-minute queue to get on there were lots of families with children. The children were bored and whining, swinging on the barriers, trying to move the notices. Their parents nagged at them in dreary tones or force fed them crisps and cola to keep them quiet. Nothing unusual there.

The exception was an Italian family. Three adults and five children aged between about two and 11 years old chatted and laughed. They didn't eat, whine, drag their feet or annoy anyone else, just talked to each other. They were clearly having a good time and, best of all, enjoyed each other's company - unlike most of the British families in the queue.

Of course there are probably plenty of British families just as well behaved and just as happy to be out together. But on Saturday, sadly, it didn't seem so.

NICE note from Lou Dale in Leeming Bar after I mentioned the ten bob tomato in Waitrose.

"It does the old heart good to remember when we had proper money until we were ripped off with that decimal changeover. Now a shilling ice cream costs 18/-. Hell's bells!"

Nearly as bad as the time my late mother-in-law tracked down a penny blue bag - only to discover it then cost 49p

"Nine and eleven for a penny blue bag! Never!" she vowed - and her whites remained resolutely un-blued from then on.

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