7 August 2008
Parents are turning to credit cards and other forms of unsecured lending to meet the cost of higher education for their children, a new report shows. According to research from Norwich Union, one in five parents have used credit cards and loans to pay for university tuition fees and living costs. Norwich Union claims it costs parents around £13,000 to send a child to university in the UK, or £15,000 in London. But 40% of parents polled said the amount they can afford to contribute comes to less than £100 a month. A further 40% said they were worried about the impact that sending their child to university would have on their own quality of life. Norwich Union spokesperson Cheryl Cox said: "Another generation of UK teens will enter higher education this autumn and while parents may well be filled with pride, this looks set to be overshadowed by fear and panic over how they are going to shoulder the financial burden." Meanwhile, credit cards are also being used to cover the cost of holidays, according to research from the Co-operative Bank.
© 2008 Adfero Ltd
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