These days going to University and getting a degree is almost a necessity to get any decent job in the current UK job market. When we think about going to University, we think of the fun times we will have living away from home, meeting new people, enjoying new experiences and increasing our chances of securing a well paid job and a brighter future. We fail to foresee the amount of debt we will owe at the end of it all including the student loan, credit card debts and overdrafts. Therefore it comes as no surprise to hear that recent research has discovered that 40 per cent of students are worried about debt problems.
According to the Sodexo 2010 University Lifestyle Survey, published in accordance with Times Higher Education, half of all full time UK Undergraduates expect to graduate with £15,000 of debt, with 28 per cent set to clock up debts of more than £20,000.
Lenders prey on students, as soon as you register for a student account the credit card offers will start pouring the through the letter box and into your junk box as they know that credit cards are often the only way students can survive during their University years. They are away from home and having to deal with a new student lifestyle, needing money to buy clothes, books, equipment and paying to travel to and from home.
My advice to any graduate who is suffering with debt problems and seeking financial debt help is to stay clear of taking out any further credit, as this will only get you further into debt. You are best off going to a professional debt management company who will be able to offer free professional advice on debt and explain the debt solutions available to you. In most cases a debt management program is the best solution as it is an informal arrangement which means you can increase or decrease payment into the plan at any time. Therefore when graduates do find a job they can afford to pay more into the plan and get their debts paid off quicker.