Students ‘hit by debt when most vulnerable’
Article Category: Debt Consolidation Help and Advice
Student loans hit young people with debt when they are “at their most vulnerable”, according to the National Union of Students (NUS).
A spokesperson for the representative body notes that, under the terms of the 2004 Education Act, students were prevented from “being able to declare themselves bankrupt“.
But she adds: “Obviously they could if they racked up a ridiculous amount of credit card debt but that would only tend to happen with a graduate.”
The NUS spokesperson suggests that preventing students from using bankruptcy to escape debt is “fair enough”.
However, she stresses that “debt hits students when they are at their most vulnerable”.
She concludes that “it’s difficult” to restrict access to bankruptcy as people typically need to be “in pretty serious circumstances” before declaring themselves bankrupt becomes the best option.
For recent graduates faced with repayments on a variety of borrowing such as student loans and credit cards, a debt consolidation loan could be one option to lower the monthly charges.
For more information about debt consolidation call our advisors on 08000 122 118 for FREE, no obligation help and advice.
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