Credit guide published in bid to avoid student debt

WEDNESDAY, OCTOBER 04, 2006

A new guide for students on how to use credit cards has been published by the Institute of Chartered Accountants of Scotland.

As a wave of new students embark on their academic careers, many will be in charge of their own finances for the first time ever.

With this in mind, a guide to using credit cards has been published by the Institute of Chartered Accountants of Scotland (ICAS) and the National Union of Students Scotland, reports the Glasgow Evening Times.

The guide is an attempt to help students avoid the crippling debt brought on by irresponsible use of credit that has affected so many of their contemporaries across the UK.

NUS Scotland president Jill Little, told the newspaper: "Dealing with queries on crippling student debt happens all too often in student unions but this guide is required reading for students."

Meanwhile, according to research from Scottish Widows, the majority of those aged 18 to 23 fear for their financial future, while the older generation is more confident.

Some 61 per cent of those aged 55 and over feel confident about their finances, while 73 per cent of young people are fearful that they may end up in debt or bankrupt.

In September, total personal debt in the UK exceeded £1.25 trillion and total credit card debt stands at £55 billion, according to debt charity Credit Action