Education, Education, Education
When he gave up a reasonably paid job to go to university in the middle of the last decade, our twenty-something man, much like your son’s and daughter’s, was brimming with confidence; it was new life to look forward to. He was under no illusion of it being an easy few years and expected to acquire some debts as a student ahead of a great new career in his chosen field. He made friends, went out a few times but never overspent and always made sure to keep the debts in check. He didn’t need to work – and the university tried to discourage students getting work – but he always managed to find short contract work between terms. It was a comfortable life and an evening out in the student bar was a rare luxury for this student who was so concerned with financial stability and self-sufficiency. He spent more evenings in the library with a pile of books on his table than in the bar with a collection of beer glasses.
Graduation – What Next?
Three years have passed and our student has a good degree from a good university and is being encouraged to enter into post-graduate study by his peers. He is concerned about the financial commitment of not having a regular student loan and the economy is in a precarious position. He is also concerned about how much work he is going to reasonably get over the next two years while he studies and how well paid it is going to be. He takes the chance anyway; he is committed to his intended new career and short term financial difficulties cannot be allowed to suppress his ambition and desire to make a career in the field. His post-graduate degree will allow him to get where he wants to go and perhaps by the end he will have a career in mind. He is still largely positive about the future.
Who’d be a Student?
Our student, despite working as many hours as he is able, can only watch as his credit card debt increases. Despite being signed up with multiple employment agencies, he often goes many weeks without work. Being entitled to no financial help, he has no choice but to continue to ask his employers to put as much work as possible his way. As a student without a regular and solid income, no credit card company will offer him a contract so he cannot transfer his balances and save some money through interest-free deals. When he graduates, he is unemployed for many months and by the time he starts a job, he is thousands in debt.
Mastering the Art of Debt Management
This debt caused our student a lot of stress while he studied and when he finally got his first job after graduation, he looked into the many ways available to begin paying back the debt. He considered opening credit cards with long interest-free periods; he also considered a long-term loan and he also considered a debt management plan with one of many online companies specialising in consolidating your debts and working with you to set up a regular, affordable payments. These businesses do the hard work for you. In one simple phone call, email or online application they will contact all of the companies to whom you are indebted so you don’t have to. This takes away a lot of the stress of worrying about how you are going to juggle all of your bills, loans and credit cards around your monthly wages. Our student had a good credit history because of his working status before going to university but many others are not so lucky. Those students who had only known education have rarely had the opportunity to build up a credit history, even if they have a good job after graduation. Luckily, these debt consolidation companies are not concerned about your credit history, only your current financial situation. Debt Management was the right solution for our student.
Jasmin Bluntt is a recent graduate who experienced some of the events and financial difficulties discussed here. Debt Management in recent years is increasingly being considered as an option for people from all walks of life in these difficult economic times.
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