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Debt-clearing advice offered for those with graduate jobs

Published: Thursday, 07 January 2010   Category: Life after graduation

Those still on the hunt or who have recently secured a first a graduate job have been given five pieces of advice to help them steer clear of racking up any additional debt.

Writing for the Daily Mail, Jo Thornhill has told graduates that any excess funds they have at the end of the month should be used to pay off debts, particularly if they are on a credit card rather than a student loan.

Ways in which they could boost their available money could be through focussing on any indispensable spending and then cutting out any luxury or non-essential costs.

She stated: "Making the minimum monthly payments on store cards and credit cards will not erode debt quickly and you will end up paying much higher amounts over the long term."

Meanwhile, it is additionally advised that graduates should consider transferring any credit card debts into one personal loan or a zero-per-cent interest card.

The Push Student Debt Survey last year revealed that those in their first year of university would owe an average of £21,200 by the time they graduated.