University 'has made debt more acceptable'
Published On 28 September 2007
Debt is more acceptable now than it was in the past, an industry expert has said.James Ketchell, a spokesperson from Consumer Credit Counselling Service (CCCS), explained that it was nearly impossible to go to university without getting into debt and this had made it more socially acceptable to borrow.
"Once people are used to the idea of debt then it's 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 during university," Mr Ketchell said.
However, he added that it was possible to manage finances at university without getting into debt.
"The most important thing is budgeting and to make sure you have a tight reign on what your outgoings are and what you can afford credit wise," Mr Ketchell pointed out.
"It's important for people to realise that they need to be able to pay back what they are borrowing."
Figures from Credit Action indicate that UK consumer debt exceeded £1.35 trillion earlier this summer.
