Students urged to take steps to avoid debt

People about to start university have been offered advice on managing financial matters at a time when many students run up credit card debt.

The tips, from Moneyfacts, are to prepare many students for their first experience of managing their own money.

The website has urged students not to be “fooled” by incentives from banks offering student accounts, particularly when an NUS card may offer the same discounts banks are offering.

Furthermore, students are recommended to shop around for the best overdraft deal and credit rate of interest. Students should however be warned that “free” overdrafts do not remain so indefinitely.

Moneyfacts also reminded students about household bills and suggested a budget plan to work out disposable income.

Warnings are also made about credit cards and the danger of ignoring debt management problems – students are advised to seek help from their bank or university counsellors.

According to the Times, the pass rate for last year’s A-Level results rose for the 25th year running.

By Morwenna Kearns

track

Tell others:

shortlink