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