Are Students in Danger of Being Educated into Debt?

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With the new term starting for colleges and universities across the UK, Carrington Dean believes students are in danger of being educated into debt.

Student debt is an accepted part of life for today’s youth. Designed around a process of borrowing, the educational system in the UK encourages a cycle of debt – students borrow to fund studying, studying leads to higher paid jobs and in theory the borrowing is repaid once those jobs materialise.

However Sarah Mulley’s IPPR report (Aug 2010, Migration Statistics) shows that the journey from education to employment has become less accessible since the economic recession. Instead graduates are forced to take low income and part-time employment which can lead to a rise in borrowing and debt. Carrington Dean believes this system has led to an educated generation encouraged into debt and who lack basic financial knowledge of debt management. Statistics from Carrington Dean reveal that under-35s are ten times more likely to be in debt than those aged 55 and over. In monetary terms, Carrington Dean estimates this figure to be seven times higher than those aged 55 and over. Debt levels in the first quarter of 2010 totalled £1,775,422 for young people compared to £224,656 for elder applicants, indicating a need to raise awareness of handling debt.

Peter Dean, Managing Director of Carrington Dean, issued the following warning "Young people need to be aware that debt is a real and serious issue, but I would urge everyone to remember that, regardless of age, they are not alone. There is always a solution and the sooner you seek help the better." The debt experts at Carrington Dean are available to guide students on the best way to manage their money.

For additional information about the material that is the subject of this news release please contact Stephanie Stern.

About Carrington Dean: Carrington Dean is an experienced debt solutions company based in Scotland and is regulated and duty bound to give customers the best financial advice.

Contact: Stephanie Stern, Carrington Dean 0141 221 2323 / 0141 227 2194 http://www.carringtondean.co.uk, http://www.yourdebtexpert.com

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