27 September 2007
As many students start university in the next few weeks, young people have been reminded about the importance of budgeting carefully to ensure they do not accumulate unnecessary debt.
National Debtline has claimed that financial literacy and capability to juggle financial responsibilities carefully is as important to students as studying for a degree or further qualifications.
Earlier this month, national money education charity, Credit Action, stated that young people in Britain have been "educated into debt but not about debt" - a reference to the ever-increasing amount of debt that graduates now find themselves saddled with.
Becky Boden-Wilkes, spokesperson for National Debtline said: "It is important to learn how to budget and how to use credit responsibly.
"Debt isn't a bad thing by any means, most of us use credit and have a personal loan, credit card or mortgage, credit is there to get you through the ups and downs."
However she added: "Financial literacy and budgeting could make a massive difference."
Recent figures from uSwitch show student debt has increased by 167% over the past decade.
The average amount owed by students upon graduation has doubled from £5,096 to £11,123 over the last ten years, taking around 11 years to pay back, the price comparison and switching service found.
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