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Students 'should set budgets' to manage unsecured loans

Students 'should set budgets' to manage unsecured loans

Category: Loans

Updated: 31/10/2008
First Published: 07/10/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Students beginning university this month have been advised to set budgets in order to maintain control of their finances.

The suggestion comes from GE Money as research conducted on behalf of the company finds that 11 per cent of students are unaware of their financial position.

And with half of all students found to have debts of more than £5,000 due to unsecured loans and credit cards, just 24 per cent believe they will have paid off what they owe within five years of graduating.

"It is important to set budgets and stick to them. University should be a fun, positive experience, however, all too often, it can turn out to be a financial minefield," said a spokesperson for financial advice site MoneyBasics.

Last week the Bank of England's credit conditions survey found that the availability of unsecured loans fell in the third quarter of 2008.

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