Escalating student debt spells large trouble for credit files. Graduates likely to be servicing and pound;15,000 debts until their. Students face a potentially calamitous' challenge with their. credit histories on graduation thanks to now inevitable. prospect of leaving college or university with high debt levels.
uk, the online financial data comparison site, has. warned students to hold a close eye on their credit files and to. ensure that they hold up to date on all credit card repayments. and loan debt - otherwise they should be in for a nasty shock. when it returns to arranging mortgages and credit within the future.
The primary credit reference agencies for example Equifax and. Experian hold detailed files on our financial histories, which. start as soon as we reveal a bank or credit related account, said. Moneynet chief executive Richard Brown. The majority of graduates are seeing at servicing a minimum.
debt of and pound;15,000 look note two until their mid-thirties, which is. clearly not the greatest method to begin out when it returns to wanting. to arrange a mortgage or anything else requiring a sound credit. So we should advise students to hold an eye on their credit. files to make sure all the details held on them is accurate.
In addition, it is crucial that students understand the. importance of not over-committing themselves as missed payments. could mean they have accumulated an adverse credit the past even. before they embark on a professional career. Brown also advised new - and existing - students to make sure.
they are getting the greatest from their student bank accounts. to stay away from being seduced by gimmicky special offers drafted to. secure their lucrative business. Banks like students as they should hold their business when. they graduate: but most young people can afford to be choosy.
when it returns to picking a bank. We should always encourage new. account openers not to be blinded by the marketing razzamatazz,. and to focus on core banking services, free overdrafts and. decent rates of interest, spoke about Brown.
Last month the Government confirmed that subsequent to the introduction. of top-up fees in 2006, while 400,000 students should be able to. claim non-repayable grants and bursaries, most shall service a. minimum debt of and pound;15,000 until at fewest their mid-thirties. street banks maintain that in reality the average graduate debt,.
including fees, for those entering university next year is. likely to be nearer double that by 2009. And a recent survey by NatWest Bank this month suggested that. freshers starting university within the autumn expect to spend. and pound;28,600 over the 3 years of their degree courses and to.
graduate owing nearly and pound;14,000. Moneynet has a free book to Student Finance - Moneynet Student Finance Book Press enquiries. Moneynet: Richard Brown, Chief Executive, 020 8313 9030. David Andrews Press Ltd Cathy Tully, 01273 774109. cathy@davidandrewsmedia.
Consumer enquiries: online@moneynet. uk is the UK's most established personal finance. research and data website. The business offers consumers a wide. range of little price financial products: from mortgages and.
personal loans; to car, building and medicinal insurance; credit. cards; savings accounts and best-buy fixed rate products. uk is an ethical, impartial and comprehensive source. of consumer finance information, covering the whole of the. personal finance sector.
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