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The city of Amsterdam is taking over the debts of its young adults as part of a drive to liberate people who are struggling to get into work or education.

Under the city’s trial project, a municipal credit bank will negotiate with creditors to buy out the debts. Those on the scheme will then be issued with a loan to repay according to their means.

Each person on the scheme will be given a coach with whom they will prepare a “guidance plan”. The city believes that young people with unstable incomes often find it near-impossible to restructure their finances and make the necessary repayments.

Source: The Guardian

https://www.theguardian.com/world/2020/jan/17/amsterdam-young-people-debt-credit-bank

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