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Gapyear.com: Optimism about gap debts

22 Oct 2007

Gapyear.com: Optimism about gap debts Young people taking a gap year to travel before university seem optimistic about repaying debts on their return, Tom Griffiths of gapyear.com said today.

The founder of the website said that those going to university afterwards are generally better prepared with their budgets as they know they will need money when they return.

He explained that "they tend to spend what they earn," although those who do overspend "come back with debt but with a view to paying it off".

Furthermore, he said, many backpackers plan their trip so they travel to the more pricey places first before coming home via cheaper places when their fund will have been depleted.

According to the travel website, of those between the ages of 18 and 24, 230,000 take a gap year spending in total and average of £3-4,000.

Mr Griffiths also advised that money need not be spent on "flashy" equipment for travelling as this could increase the risk of thefts.

In related news, NatWest bank recently polled 3,500 school-leavers and found that more than 50 per cent were planning to use it to earn money for university rather than go travelling.

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