Student loan a mortgage 'barrier'

Compare tariffs and switch energy supplier in minutes

Compare energy deals and switch supplier to cut your energy bills by £447* a year - start saving money in a matter of minutes!

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jul 2018 and 31 Dec 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £447 or more.

Students should make sure that their debts don't mount up too badly at university - or they could face difficulties when trying to secure a mortgage or other types of credit later on in life, according to one expert.

Chris Tapp, of national money education charity Credit Action, says that getting too weighed down with debt problems at an early age can mean that you have trouble getting a mortgage in later life - and can additionally act as a real barrier when attempting to enter a career in law or accountancy.

"If somebody at quite a young age struggles with a debt problem and is forced to go into an IVA or bankruptcy or something like that, then that effects their credit rating over the next six years, their ability to get a mortgage, their ability to work in certain types of profession - if you want to go into the legal profession or accountancy for example, and you've previously been declared insolvent then that can be a real barrier," Mr Tapp commented.

The Credit Action expert went on to say that youngsters should make sure that they avoid the culture of debt that goes "hand in hand" with student loans - and added that he "wouldn't be surprised" if the number of students declaring themselves insolvent was on the rise.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more