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Millions of young Britons who have recently taken on a mortgage are looking to ride out the credit crunch and the money problems facing the country, according to recent research.

Figures compiled by Fool.co.uk have shown that more than half of all homeowners aged between 24 and 34 are taking a wait and see attitude toward their own debt management and the wider economy.

The price comparison firm brackets these consumers as "recession virgins" and has found that close to a quarter are concerned that they will experience negative equity given the current state of the housing market.

"Young people who have not experienced previous recessions are understandably worried about the property market," said David Kuo, head of personal finance at Fool.co.uk.

Stephen King, managing director of economics at HSBC suggested in an article for the Independent recently that repossession rates in the UK are likely to increase as the credit crunch continues to cause debt problems.

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