The average student is leaving university with around £13,500 worth of debt; this includes a significant amount on credit cards.
One student, who graduated from Leeds Metropolitan University, left with his degree and a whopping £60,000 of debt. He claimed that it is easy to live the student lifestyle and borrow money for day-to-day living expenses, like paying the rent.
Our view
Students need to think before they borrow, about how much they really need and how they intend to repay it. A huge student debt can impact on your credit rating long after you have graduated.
A salient point here is that the Government are trying to encourage us all the spend less and not live on credit. Yet, what have they done for the student masses? They withdrew university funding and introduced student loans. A great habit to get our younger generation into.
Useful links:
Request expert financial advice now
Purchase guidance on financial planning in the Money Shop