Latest Report- Students find money lenders irresponsible.
IA survey carried out by IVA Info UK reveals a staggering 74% of Mancunian students believe banks and credit card companies are irresponsible when lending money, with nearly a quarter of students aged 20-25 estimating 10 years or more to pay off.
The IVA Info UK also reports the average 20-25 year –olds has spiralling debts of up to £15, 000 with only 7% addressing their student loans were half the proportion of their total debt. Although the survey suggests that over half of students would not declare bankrupt or sought IVA (Individual Voluntary Arrangement) in regards to their debts, students are still advised to be aware of such repercussions.
A spokesperson for xxxxxxx adds, “Money lending can be a vicious circle especially for students –if youngsters can rectify their financial debts instantly they will seek loans and credit cards for immediate help. Banks and credit card companies should be more vigilant and responsible when dealing with students. ”
Report Confirms: Student Loans the Stepping Stone to Spiralling Debts
Over half of students in Manchester have revealed that over 75% of their debt stems from student loans a report by IVA Info UK confirms.
The research conducted by xxxxxxxx clearly states students in the North are affected long term by student loans with more than a quarter claiming if they hadn’t taken out a student loan they would be debt free.
Although a whopping 70% do not regret their student loans, 32% are still struggling with payment requirements resulting to a majority of students aged between 20-25 estimating 10 years or more to pay off their current debts.
For further information, please contact:
Jennifer Howgate (Howgate Media Relations)
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Charles & Co - the Debt Help Specialists |
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