Students 'must take care of finances'

By Sarah Engle, Thu 24 Apr 2008 - Published in Banking

Students need to take care of their finances and ensure that they do not get into debt while at university, it has been noted.

David Malcolm, head of social policy at the National Union Of Students (NUS) said that as the cost of borrowing increases, it becomes more important for students to ensure they do not build up levels of debt.

"The credit cards and any other credit outside of interest free overdrafts will be more expensive," he said, adding: "A lot of students do rely on those, whether they should or not is another matter but they do."

Therefore, it is important that people in higher education are careful about what they do and should ensure that they do not build up debts.

Mr Malcolm noted that certain forms of borrowing available to students, such as student loans and interest-free overdrafts, will not cost more, but others, such as credit cards and personal loans, will cost more.

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