Will you start uni in debt?

Original post by Numberwang

Apparently some students are heading to university *already* in debt*.

I don't understand how a student of normal age 18/19 would be able to have gotten into debt?

I worked before, so have a bit of a contingency plan

Reply 2

Nigella

Hi, no I'm not in debt. ATM I own 4 credit cards which I pay in full every month and have no problem managing. I use them as I use debit cards for credit building and history purposes.

I am scared of losing that control once I start university though. I hope not.

Reply 3

Original post by leedswest

I don't understand how a student of normal age 18/19 would be able to have gotten into debt?

I worked before, so have a bit of a contingency plan

Phone contracts, store cards, credit cards, payday loans. You have to be 18 to apply for one and at 18; your credit record will be perfect.

I do think the age for applying for these things should be raised to 21 or even 25.

Reply 4

Original post by Nigella

Hi, no I'm not in debt. ATM I own 4 credit cards which I pay in full every month and have no problem managing. I use them as I use debit cards for credit building and history purposes.

I am scared of losing that control once I start university though. I hope not.

You'll be fine :smile:

budgeting will become your best friend!

Reply 5

Original post by simplylldxo

Phone contracts, store cards, credit cards, payday loans. You have to be 18 to apply for one and at 18; your credit record will be perfect.

I do think the age for applying for these things should be raised to 21 or even 25.

More like; Phone contracts and store cards with credit cards and payday loans to cover it!

Reply 6

Nigella

Original post by simplylldxo

You'll be fine :smile:

budgeting will become your best friend!

I hope so

I worked so hard to have really good credit pay in full every month etc. I considered cancelling them for uni, then I thought 'why not just use them as I am now at uni ?'

I'm very very frugal so I really hope I don't experience anything that makes me go from paying in full monthly to not being able to. That's when I will pay interest and the dreaded cycle begins...

Fingers crossed :smile:

Reply 7

Original post by leedswest

More like; Phone contracts and store cards with credit cards and payday loans to cover it!

They probably do it that way. But I do think the age needs to raised. At 18, you don't really think about the consequences when you sign up for something like phone contracts, store cards etc.

p.s I'm not tarring every 18 yo with the same brush :smile:

it's a general overview!

Reply 8

Original post by simplylldxo

They probably do it that way. But I do think the age needs to raised. At 18, you don't really think about the consequences when you sign up for something like phone contracts, store cards etc.

p.s I'm not tarring every 18 yo with the same brush :smile:

it's a general overview!

Most people my age can't handle most adult things, glad I'm not like that though.

Reply 9

Original post by leedswest

Most people my age can't handle most adult things, glad I'm not like that though.

I'm 21 (22 in September) and I still can't deal with adult things... I was very spoilt as a child/teenager so it's kind of repeated on me as an adult...

😁😳😁😳😁

Reply 10

Original post by Nigella

I hope so

I worked so hard to have really good credit pay in full every month etc. I considered cancelling them for uni, then I thought 'why not just use them as I am now at uni ?'

I'm very very frugal so I really hope I don't experience anything that makes me go from paying in full monthly to not being able to. That's when I will pay interest and the dreaded cycle begins...

Fingers crossed :smile:

If it was me in this position; I would cancel three of the cards but keep one on case of an emergency (because they do occur).

I would also make a list of necessities that need to paid for then a list of luxuries if I had some spare income.

I would also look for a part time job (zero hour contracts are ideal for students) for that extra security!

Good luck 😊

Reply 11

Original post by simplylldxo

I'm 21 (22 in September) and I still can't deal with adult things... I was very spoilt as a child/teenager so it's kind of repeated on me as an adult...

That's way changing the age that people can get credit would make no difference, some people and handle it and others can't.

Reply 12

XMaramena

22

No. I did drop into my overdraft for a short time, but am now very successful and will be completely self sufficient, purely from passive income from when I graduate.

Reply 13

Jordanap

10

Yes because I applied to student loan?

Reply 14

Jordanap

10

Original post by simplylldxo

Phone contracts, store cards, credit cards, payday loans. You have to be 18 to apply for one and at 18; your credit record will be perfect.

I do think the age for applying for these things should be raised to 21 or even 25.

If you haven't managed to work out finances by 18 I doubt you will have by 21

Reply 15

Original post by Jordanap

If you haven't managed to work out finances by 18 I doubt you will have by 21

I did say 25 too but at 21, you should know more about debt and the consequences of taking out phone contracts, store cards, credit cards etc.

Reply 16

Jordanap

10

Original post by simplylldxo

I did say 25 too but at 21, you should know more about debt and the consequences of taking out phone contracts, store cards, credit cards etc.

It's such a simple conecept though - don't spend what you don't have.

I'd leave it how it is - 25 would be too high imo. You need to control your own finances would you reach 18 because you start to become independent, going university, getting an apprenticeship etc.

Reply 17