Find yourself in Debt? The important thing to remember is that you're not alone.
Many students struggle to balance their finances whilst at university. This can be due to a combination of factors including a lack of money management training, poor budgeting skills, and the added responsibility of running a household for the very first time. The majority of first year students live in halls of residence where water, electricity, Wifi, laundry, and even food can be included in overall rental costs. This can make your transition to private rented accommodation in year 2 overwhelming, and many students will struggle to keep on top of monthly utility bills and general household budgeting.
If you have taken our Budgeting module you'll already appreciate how a little effort can go a very long way when it comes to managing your finances.
Debt is like a warm bath on a cold winter's night: getting into it is remarkably easy, it's getting out that's the hard part! But it's important to remember that not all 'debt' is the same. We live in a world where most of us will, at some stage, purchase on credit. Whether it be a mobile phone contract or a personal loan to purchase a new laptop, credit can be an inevitable part of modern life. But how well do you know your borrowing limits? The values around lending money can be incredibly subjective. What may feel like a 'safe' amount of lending for one person may feel like a debt to another.
Take our Quiz below to find out if you can identify good credit from bad debt - it'll help you assess your own attitude to money.
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Stepchange:
http://www.stepchange.org/DebtRemedy.aspx
National Debtline:
https://www.nationaldebtline.org/EW/Pages/default.aspx
Good Debt/ Bad Debt Quote: http://www.theguardian.com/money/2012/aug/10/10-things-students-should-know-money
http://www.stepchange.org/DebtRemedy.aspx
National Debtline:
https://www.nationaldebtline.org/EW/Pages/default.aspx
Good Debt/ Bad Debt Quote: http://www.theguardian.com/money/2012/aug/10/10-things-students-should-know-money