1.5million UK students feeling financially unprepared for university living
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It can be a daunting time for those leaving home for the first time and going to university. Suddenly, you’re the one who has to organize rent payments, food bills, book costs… plus the famed university social life. It can be an incredibly confusing few months for many. A third of students admit to being financially unprepared for university living, while nine in ten have some form of credit outside of their student loan, new research from Experian Credit Expert has revealed. Whether it be poor management of student loans, interest free over draft facilities or access to credit cards, many students find themselves relying on credit to pay for everyday living. What many students don’t realise is how poor credit management could actually negatively impact future financial independence. Top tips on what every student needs to know about credit: 1. How it all works When you start using credit facilities, such as overdrafts, credit cards and even mobile phone contracts, information on how you manage these credit facilities will appear in your credit report. Your credit report will help lenders access your credit worthiness into the future based on how well you have managed credit over the last six years.
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