Graduates advised to budget for student debt
28/07/2009
In the recession, it is particularly important that graduates take their finances seriously, Moneyfacts.co.uk has advised.
New graduates often face upwards of £10,000 of debt, and although they don`t need to start paying off student loans until they`re earning above £15,000 per year, other forms of debt may prove more troublesome, as they will usually require an immediate start to repayments.
Louis Kaszczak, head of Moneyfacts.co.uk, said: "In order to get your student debt paid off, the first thing you need to do is to work out exactly how much you owe. Then you can work out a monthly budget and decide how much you can afford to repay towards your debts."
A spokesperson for Debt Advisers Direct said: "It`s a good idea to make a structured plan for repaying debt, but there will be some people who simply can`t afford to repay their debt, either because they have no income or because the debts are too big. In that situation, it`s essential that they speak to a professional debt adviser."
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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).
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