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Personal Debt Advice for Students

For many young adults who have recently received their A-level results in August, September is the month in which university starts. For most, this will also be the beginning of a new period in their adult lives in which they must take full responsibility for their financial affairs. Although beginning university is understandably an exciting time for young adults, it is also certainly worth remembering that you must be sensible with your finances; here is some advice for young people about how to avoid getting into personal debt.


When you begin university it may be the first time in your life in which you will have to budget your own finances. You will have many expenses such as rent, bills, university supplies and books, as well as the day-to-day cost of living. Of course, you will also be spending money on going out with your new friends and enjoying your new-found social life. It is therefore very important that you budget your finances sensibly and make sure you are not spending more than you can afford. It is likely that your prime source of income will be your student loan; manage this wisely also. Many students take on a part-time job in university to help with their finances.

Avoid the temptation of easy credit

One of the main reasons students develop personal debt problems is through readily available sources of credit such as credit cards and personal loans – especially the short term variety. Although it may be very tempting and convenient to take out some form of credit, you also must remember that your income is not large and that even a small amount of personal debt may be very difficult for you to manage. Store cards are also very tempting and not at all hard to get hold of, however, you should bear in mind that the interest rate you will be paying a usually very high.

A lesson for the future

If you develop good financial awareness and the ability to manage your finances well in university, this may well stand you in good stead for the rest of your adult life. Although student loans tend to be paid off over a very long period and not so difficult to manage, your personal finances in later life will only become more complicated with mortgages and more important loans to take care of. Therefore, if you can develop good discipline and budgeting habits while in university, you may well be able to avoid personal debt problems in future.

If you are already in trouble

If you are a student or young person who has already found themselves in some degree of personal debt and may be concerned about where you are heading, it is important that you contact personal debt advisers as soon as possible. At Dissolve Debt we deal with many young people regarding credit cards, personal loans, store cards and other kinds of debt; call us today to discuss your situation.

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