Students urged to address debt management

Young Britons preparing to go to university over the next few months have been urged to consider the debt management problems they could stand to face.

The amounts typically owed by graduates is rising and now stands at record levels, and young consumers should take steps to ensure their finances are kept under control, according to Lloyds TSB.

Indeed, figures compiled by Push on behalf of Lloyds TSB show that many prospective students could find themselves with a debt management burden amounting to more than £20,000.

Catherine McGrath from Lloyds TSB commented: “Students face higher levels of debt than ever before and with the added pressures of escalating house prices and increased competition for graduate jobs, it’s essential that they find ways to keep their student debt to a minimum.

“Good budgeting skills can really help students to start off on the right foot while they get to grips with managing their own money.”

A report from F&C Asset Management recently suggested that parents around the UK are finding it increasingly difficult to help their children financially while they study at university.