Students 'should set budgets' to manage unsecured loans - Loans - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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

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 It is now over 6 months old so the content may be out of date.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.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Blue Monday hits nation’s finances

Today has been dubbed Blue Monday – the most depressing day of the year – and considering how many people could be battling with their finances this month, it’s little wonder.

Calls to make the loans market clearer

At first glance the personal loans market may seem simple enough, but get into the nitty gritty and it can be anything but. As a result, some are calling for action to make the market clearer and fairer for all.

Get the cheapest ever personal loan!

Have you woken up with a financial hangover after the festivities? Perhaps you’ve got big plans for the year ahead, or maybe you need a new car? Well, whatever your reasons for needing a loan, you can now snap one up for the cheapest ever rate!