Students need to know the cost of debt
With current student debt standing at a huge £18,116 million, this year's crop of A-level students who are heading off to university are being warned of the implications of the debt they build up while they study.Barclays put the average debt of a graduating student at £13,500, as many students rely on credit-cards and loans to cover all their expenses, from rent to going out, as well as their tuition fees. Melanie Mitchley, consumer debt expert from Callcredit, said: "Going to university is a great experience, however, we are urging all students whether Freshers or in their final year to be aware of the potential pitfalls if they don't take control of their financial affairs. "If you do decide to borrow money be aware of the amount you are borrowing and think about how you will repay it. "Our experience has shown that taking on credit needn't be a problem if you manage your finances well and ensure you keep up your repayments."Figures released earlier this week show that many students are facing up to the reality of debt - graduate debt was found to have fallen for the first time since 2000 in a study by Natwest.
Share this..
Related stories
Treasury select committee wants changes in personal finance market
The powerful Treasury select committee has today issued a report with a number of major changes recommended in the personal finance market. One suggestion is that consumers should have free access to credit reports, which currently cost around two pound each, in line with the US where each member of the public is allowed a limited number of free reports each year. However, one of the more eye-catc...
Read MoreEuropean Central Bank Facing A Difficult Situation
While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe where the European Central Bank (ECB) is faced with the same situation. So what is going on?
It is a little known fact that the ECB has very different collateral rules to those used in t...
Is Marks & Spencer in line for a troubled Christmas?
News of Marks & Spencer's 20% off day has caught the market by surprise coming so far ahead of the vital Christmas period. This has caused concern with many analysts suggesting that trading could be worse than expected with such sharp reductions available so far away from the Christmas period. If shoppers are receiving 20% discounts today, what will expect tomorrow, and what will they expect next...
Read MoreAre the tax services going soft?
It has been revealed that more than half of taxpayers who complained about penalties for late tax returns have had their fines reduced or cancelled. Figures released by HM Revenue and Customs show that between 1 April 2009 and 31 December 2009 a total of 21,000 taxpayers disputed fines issued by the department. Around 80% of these were disputing fines for late payment and more than half had their...
Read MoreAre the UK unemployment figures accurate?
Despite the fact that today we saw better news on the unemployment front, with figures nowhere near as bad as had been expected, when you compare the fact that nearly 2.5 million people are officially classified as unemployed against 8 million people who are classified as "economically inactive" what is really happening? These two figures more than any other perfectly illustrate how many areas...
Read More