Don’t get into debt as a student, warns NUS

Students should steer clear of bank loans and store cards while at university, warned the National Union of Students (NUS).

Head of social policy David Malcolm explained that these products are the most expensive forms of credit and can lead to serious debt trouble.

Credit cards and overdrafts which charge interest are also more expensive than a student loan, he said, adding: “A lot of students do rely on those, whether they should or not is another matter but they do.

“It’s something to be careful about and make sure they do not Ö get themselves into debt.”

Student unions and the university itself will have debt advisers who can people deal with financial difficulties, Mr Malcolm claimed.

However, the earlier the issue is addressed, the easier it is to sort out, he added.

In the US, Citigroup have withdrawn their student loans from the market due to the ongoing credit crunch.

© Adfero Ltd

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