Students get credit card debt warning

Students across the UK have been warned about the potential debt management problems that can arise by using credit cards to fund university life.

As the new academic year approaches, Barclaycard has warned that student borrowers could face hefty repayment rates and spiralling debt problems if they fail to keep their credit card use in check.

The advice comes as the financial services firm launches a new online portal aimed at encouraging those about to set off to university to manage their money effectively.

Amer Sajed from Barclaycard commented: “Cards can be a lifeline for students managing a tight budget. They can help make the most of your time at university and establish a credit record for the future but only if they are used sensibly.

“Our new site includes some blunt advice to help our customers make the most of the benefits and avoid the pitfalls.”

A report from uSwitch.com last month warned that by only meeting minimum repayment demands, British credit card users could face decades of debt management difficulties.

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