Abacus Daily Debt News

Students choosing the wrong accounts ‘could end up in debt’

Those attending university this summer could find themselves getting into financial problems unless they manage their debts effectively, one expert has suggested.

Personal finance expert at uSwitch.com Louise Bond said students should ensure they pick the right current account to avoid stretching their budgets.

"For many graduates, debt is an expected millstone around their neck long after they leave university," she stated.

This means individuals should "give themselves the best possible chance" of pre-empting any money worries and judge each graduate account on its merits, Ms Bond added.

People should not be sucked in by large overdrafts and freebies, but should instead examine the interest rates and accompanying charges, she remarked, as this will make more of a difference in the long run.

According to recent statistics by ClearDebt, the 18 to 24 age group makes up 17 per cent of those seeking debt management services with the company.

By Francis Finch