Students offered debt advice

Experts from the money search engine have asserted that it is important for newly-graduated consumers to assess the potential benefits and drawbacks attached to different current account offerings before making a banking decision.

Additionally, MoneyFacts advises graduates to create their own debt management plan to help them clear debt more quickly.

“Most people will leave university owing a five figure sum, but be sensible about it,” suggests Andrew Haggar from MoneyFacts.

“By actually working out how much money is coming in and how much is going out, you’ll know how much is left over to put towards repaying your debts,” he adds.

Figures from the Student Loans Company recently revealed that the total amount of student borrowing last year topped £3 billion.