Thousands of young British consumers are facing “huge amounts of debt” when they leave university, according to Kelvin Lillywhite, spokesperson for Best Advice Financial Planning.
Mr Lillywhite suggests that students around the country are borrowing money from a variety of sources and leaving themselves with serious debt management problems.
It is common for young consumers to utilise bank overdrafts and take on student loans, each facilitating to thousands of pounds worth of borrowing, the personal finance expert made clear.
“When I started uni all of my friends went around and opened as many student bank accounts as they could with £1,000 overdraft limits on each,” he said.
“Every single one of my friends that are coming out of university have got huge amounts of debt, not only with the student loan company but with the bank.”
Figures from the National Union of Students show that student debts have increased by 544 per cent in the UK since the grant system was abolished.