Credit card spending warning issued to students
By UK CreditCards.com
Britain's students are risking high debts through irresponsible spending, a report from Equifax has suggested.
According to the credit specialists, 30% of students do not know their overall level of credit card spending.
Meanwhile, 19% only make minimum payments on their credit card balances and 39% have not saved any money to help them fund their studies.
Neil Munroe, external affairs director for Equifax, commented: "Our survey of students suggests that many heading back to university could find themselves struggling if they don't keep a keen eye on their finances."
A report released by Halifax earlier in early October suggested that many students were experiencing increasing financial hardship in the recession.
According to the study, around 59% will use some form of state assistance this year. A year ago, this total stood at 49%.
Published: 12 October 2009
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