Secured loans can tackle 'career-damaging debt'
01/02/2008Consumers struggling to repay debt could not only damage their credit rating but could also face a harder time getting the right job, one expert has suggested.
According to a spokesman for Equifax, young people and graduates may be particularly at risk of failing an employer's criteria if they have defaulted on loan repayments or have bad credit.
Neil Munroe, external affairs director at Equifax, said that university graduates looking to enter any career that is associated with the financial industry should ensure that they have a healthy credit rating - which may include reorganising or consolidating debt.
"I suppose the first thing to do when you come out of university or college and you're looking at possibly needing credit, is to get a copy of your file and see what's on there," he said.
Many people find that the competitive rates offered by secured loans mean that they can consolidate their existing debt and improve their credit ratings.
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