Credit Card And Finance News

Graduates entering the full-time job market during the economic downturn need to learn to budget, according the Times Money.

The publication has warned that graduates will be "carrying a huge amount of debt" and listed points of recommendation to help them cope during one of the "worst economic slumps in years".

It advises graduates to pay off expensive debts first and leave the student loan payments, as the 3.8 per cent interest rate makes it "the cheapest loan" that can be received.

Mark Dampier from independent financial adviser Hargreaves Landsdown, told the newspaper: "Too much debt will only lead to major heartache.

"Draw out the money you need for the week and if you run out a day or two before the end, don't go out."

The Times Money also recommended sharing accommodation, using overdrafts and using cheap listings websites to find furniture as methods of saving money.

A recent survey by GE Money found that 11 per cent of students have "no idea" of their financial position.

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