Graduates 'panic about debt'
Published On 6 July 2007
Recently graduated students often panic about their debt and rush into thinking about things like IVAs, an industry expert has warned.A spokesperson for HSBC explained that many graduates face a period of unemployment after university when debt worries tend to mount.
"There would be an element of panic because they're coming out of their student life and into working life," she explained.
Despite this, she added that banks offered these recent graduates plenty of advice and options which could be used to mitigate debt worries and problems.
"There is obviously a lot of financial help while they're students - as they've not really got an ability to earn money - and even as graduates they're not all necessarily going to go into high paying jobs," the spokesperson said.
"It's imperative that banks offer financial advice and assistance."
However, she concluded by pointing out that it was also imperative that the graduates themselves took proactive steps to manage their debt before it becomes a problem. She said that graduates who "come and talk to their bank sooner rather than later" find themselves in the best position.
Recent figures show that the total amount of consumer debt in the UK exceeded £1.3 trillion in May.
