Wednesday, 26 January 2011

A Student Guide to Credit

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NUS and Credit Action launch Credit Crunching- a student guide to credit

A new resource to help students and graduates understand the multitude of credit products available in the marketplace has launched 25 January 2011. Credit Crunching – a student guide to credit has been created by NUS (National Union of Students) and the national money education charity Credit Action.

As the amount of debt that students owe on graduation increases - research shows that the average student now finishes university with debts in excess of £23,000, a figure that is set to rise substantially in the next few years – both NUS and Credit Action believe students and graduates alike must be well-informed about the different credit products available in the marketplace to make sound financial decisions.

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Credit Crunching – a student guide to credit explains the different types of credit available, the pros and cons of each and provides signposts for further information. It also contains a glossary to explain commonly used terms that often go without explanation.

Joanna Parsley, Associate Director of Credit Action says, “With the future of student finance in the spotlight it is essential for students and graduates to both understand credit and use it wisely. Credit can be enabling, but can also be an easy entry into debt difficulties, so it is vital students and graduates are clued up on what different products mean for them.

Credit Crunching – the student guide to credit combines the knowledge and expertise of two organisations that are committed to student welfare and represents a fantastic debut joint publication.”

Ben Whittaker, Vice President Welfare of NUS says, "Loans and other credit are increasingly a fact of life for students, and it's critical that students can navigate the different options. Last year, we saw students being targeted by short-term lenders when student loan payments were delayed. Some took on more debt than they intended, and got into trouble – we want to help avoid that happening.

"We're really proud to work with Credit Action on this important new publication."

Credit Crunching – the student guide to credit combines the knowledge and expertise of two organisations that are committed to student welfare and represents a fantastic debut joint publication.”

Credit Crunching- a student guide to credit is available to read online and download for free.

Get it from the Credit Action and NUS websites.

 

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