Amsterdam to buy out young people's debt to offer 'new start'

City’s municipal credit bank will cancel some debt if young adults engage with training schemes

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.

A growth in borrowing among young Dutch adults – a trend echoed elsewhere in Europe, including the UK – is said to be standing in the way of them joining the marketplace or completing higher education courses.

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.

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