Consumer site warns: Do not rush to pay off loans
22/07/2008A consumer website has warned graduates not to rush to pay off their student loans.
Moneyfacts.co.uk has stated that the borrowings do not have to be paid off too quickly, as a low interest rate applies and payments can be made throughout working life.
But those students struggling with their university debt may find that a secured loan gives them sufficient breathing space.
The company added that graduates should shop around before taking on a deal once they finance their studies.
"Searching for the best current account provider may be the last thing on many graduates' minds. But by taking the time to shop around, they could find an account that suits their circumstances," Moneyfacts.co.uk stated.
This comes as statistics from money charity Credit Action show that personal debt in the UK stood at more than £1.4 trillion at the end of May 2008.
 © Adfero Ltd
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