12 October 2006
As many students settle into their first term at university and attempt to get to grips with their finances and which accounts to select, Nationwide has been giving advice on financial responsibility for the young.
Natalie Tate, Nationwide spokesperson, said it was crucial to keep abreast of your finances.
She said: "Ensure you know what your incoming and outgoings are, when regular payments are due, and ensure that you have an agreed overdraft facility set up.
"If you have a credit card, ensure that you make the minimum payment on time to avoid incurring charges.
"Anyone who is struggling financially should talk to their bank or building society earlier, rather than later."
Andrew Bond, a spokesperson for Barclaycard, said his company offered products specifically designed for students.
He said: "Barclaycard does offer a student card which provides a credit limit of £600 – which is well below the industry average. In addition, the card has a 5% min repayment, no over limit fee and a text message service to remind cardholders that a payment is due."
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