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

Has this applied to you or your friends?

I went to uni having worked for a year and was in a very healthy position, but I know a friend who certainly wasn't and ended up borrowing money from his girlfriend - he dropped out after a year..

*There's been some research done by Blackbullion, a financial education company, which suggests this to be the case.
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leedswest
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(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
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Nigella
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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.
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simplylldxo
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(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.
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simplylldxo
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(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 budgeting will become your best friend!
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leedswest
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(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!
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Nigella
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(Original post by simplylldxo)
You'll be fine 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
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simplylldxo
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(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 it's a general overview!
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leedswest
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(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 it's a general overview!
Most people my age can't handle most adult things, glad I'm not like that though.
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simplylldxo
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(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...

😁😳😁😳😁
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simplylldxo
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(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
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 😊
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leedswest
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(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.
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XMaramena
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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.
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Jordanap
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Yes because I applied to student loan?
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Jordanap
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(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
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simplylldxo
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(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.
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Jordanap
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(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.
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simplylldxo
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(Original post by Jordanap)
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.
Concept*

Maybe not the age minimum then but definitely change how they can be applied for and the guidelines. It's too easy to apply for a payday loan (like there's literally been two payday adverts back to back on ITV with them springing off the 'easy repayment' and 'apply today and cash tomorrow.')
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SophieSmall
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Technically I was yes as I used my student overdraft to buy things I needed whilst waiting for my student finance.
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Reue
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How could someone start uni in debt?! Thats insane.
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