Graduate Job News

Borrowing and debt is now a normal part of life for most students, according to one expert - and they could be creating problems for themselves in the long run.

Chris Tapp, associate director of Credit Action, explained that student loans are "essentially government-endorsed debt on a massive scale".

He emphasised that the situation encourages young people to get used to spending on credit.

Mr Tapp continued: "The average student now leaves university £13,000 in debt.

"Students have grown very used to spending three or four years of their lives living in debt, spending money that isn't theirs that they'll have to pay back and probably borrowing on an overdraft and credit card at the same time."

A significant proportion of graduates find that their debt situation does not improve when they leave university.

Moves to the big UK cities in search of work often mean they find themselves paying higher rents as well as tax on their earnings.

Mr Tapp advised students to keep a close eye on their finances and manage credit card and overdraft use carefully.

He concluded: "Students have to make sure that they're aware of how different types of credit work and how much they cost."

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