Higher living costs add to students' debt burden
Higher living costs add to students' debt burden
Wednesday 13th August 2008
Push.co.uk surveyed 2,000 students at colleges across the country to assess the impact that the spiralling cost of living is having on their finances.
The study found that as a result of the added expenditure a student currently accumulates debt of £4,500 for each year of study - an increase of ten per cent from last year.
Johnny Rich, the website's series editor, said: "It's easy to become immune to stories about student debt, but this increase is not just another rise. Some students are facing real financial hardship."
News of the findings comes as official figures released yesterday showed that inflation hit 4.4 per cent in July - its highest level for 16 years.
Evidence of the mounting levels of student debt faced by graduates comes against a backdrop of a wider debt problem in the UK caused in part by the credit crunch.
Experts anticipate that this will fuel a spike in demand for debt consolidation loans and other forms of debt solution until the current crisis has eased.
www.debt1.co.uk - The official website of Byrom & Keeley – A UK based debt management company
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