Students warned over bad credit rating

Posted 2008-04-8

A leading student financial charity has warned the nations students that irresponsible spending could catch up with them.

Alistair Lomax, executive director of UniAid, said that students should do more to plan for their futures, ominously warning that "the fun you have now could come back to haunt you".

He pointed to the guidelines sanctioned by his organisation which include getting to grips with budgeting skills while still at university and taking extra care to avoid superfluous borrowing.

Mr Lomax added that students who turn a blind eye to paying debts run the risk of damaging their credit rating, which "will affect their ability to borrow later on in life".

"[It is important] to make use of all the support available, so that you come out of university with a positive credit rating," he emphasised. "Be responsible, because it will have an impact later on."

Recent research by the debt charity found that average graduate debt currently stands at £17,500.

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