University leavers should concentrate on debt management to cope with job restrictions in the current economic climate, one expert has suggested.
Louis Kaszczak, head of financial services at Moneyfacts.co.uk, said formulating a payment plan is important once former students have calculated the debt they have incurred.
He stated: “‘Paying off [debts] charging the highest rates of interest first is key. The average rate payable on a credit card is 18.1 per cent, while the interest payable on your student loan is much lower.”
Staying with the same provider that an individual opened an account with is not always the best option, Mr Kaszczak added, as many banks offer more favourable rates to those who switch.
Being aware of the terms of an account are also important and people should not be drawn in by enticing join-up bonuses, he commented.
Tom Hadley of the Recruitment and Employment Confederation recently advised graduates to develop their CVs to ensure they have the maximum chance of securing work.
By Francis Finch