Friday 28th September 2007
Once an individual has experienced student debt, they are less likely to be fazed by borrowing in the future, according to an expert.
James Ketchell, spokesperson for financial charity the Consumer Credit Counselling Service (CCCS), suggests that the experience of student debt may actually be beneficial for graduates subsequent monetary health.
"Its easier for them - in the future - to take up credit cards and personal loans because the stigma has already been removed by taking out student loans," he explains.
He adds that the under-25s may be more responsible when spending borrowed money than they are commonly given credit for.
Mr Ketchell notes that the number of young people approaching the CCCS for advice has fallen in recent years.
"The majority of people are using credit for what they see as vital things," he concludes.
Barclays graduate debt survey observes that in 2005 - the most recent academic year for which figures are available - the average debt on leaving university was £13,501, an increase of about 12 per cent from 2003.
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