IVA & Debt Consolidation Advice

Concerns that poor debt management could leave university students unable to cope financially are aired.

A credit checking service has warned that students heading off to university this summer need to ensure good debt management in order to avoid their future financial health suffering.

Callcredit has said that the 345,000 students beginning their studies are likely to have a collective debt of more than £5 million by the time they graduate.

With the average student leaving carrying a debt burden of £15,000, students need information and advice to enable adequate debt management, said Callcredit.

"Life is financially harder for students now that it has ever been and the decisions people make about their borrowing while they are studying will impact on their finances for years to come, so it's important they have the information they need to make the right decisions for them," said Mel Mitchley, industry relations director at Callcredit.

However, a report from Money Expert this week has claimed that too much information, particularly from price comparison sites, can in fact lead to poor debt management and even encourage consumers to damage their credit rating by applying for credit which they are then refused.