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Graduates 'need to prioritise their debt'

By Sarah Engle, Mon 23 Jun 2008 - Published in Credit Cards

Students graduating from university this year need to ensure they prioritise their debt so that they can get their finances in order, Moneynet.co.uk has advised.

Chief executive Richard Brown said: "You have a very long window to repay student debt. Nobody is saying you should be cavalier about this as some people graduate with substantial student debt but it is a fact of life."

He added that this is not the case when it comes to other forms of debt such as "carrying big wads of debt on a high interest credit card".

Mr Brown concluded that students need to make a "common sense call" when it comes to deciding which debt to pay off first.

According to Credit Action, total UK personal debt at the end of April stood at £1,436 billion.

The growth rate increased to 8.4 per cent for the previous 12 months which equates to a rise of £110 billion.

A study by Natwest revealed that on leaving university graduates owe an average of £12,363.