Students are well known for living on a small income and counting the pennies to afford the stereotypical baked beans on toast but recent research suggests students are facing increasingly harder times.

Research from the Bank of Scotland found that 15% of students didn’t have enough money to afford their basic living expenses. A further 42% of people at Universities in Scotland were only just managing to pay their monthly living costs.

Any unexpected event which required disposable income would have been impossible for the majority of students.

Leaving University with Debt

After successfully completing and leaving University in 2012, students can often be guaranteed their qualification coupled with a large debt to repay. Only 21% of students expect to finish University with no debt.

The Union TUC has claimed that employment opportunities for young people have not been so disastrous since 1994.

While job hunting is difficult, it can become an added pressure for young people who also have unsecured debt to repay. Almost 40% of students completing their studies in Scotland will have more than £10,000 of unsecured debt to deal with.

In Scotland tuition fees are generally paid by the Government, which means the debt being accrued is not to the University, but to unsecured lenders like banks and credit card agencies.

Advice for Student Debt

Unsecured debt problems are one of the main reasons for stress. Money can cause many restless nights sleep and social problems with friends and family. Seek help before it becomes too severe.

You can get help and advice from your local Citizens Advice Bureau face to face or you can telephone Debt Support Trust on 0800 085 0226 for confidential money advice.

You are under no obligation to follow our advice but we can help you with your creditors enabling you to focus on your studies or job hunting. You can take the first step today by completing our debt analyser form for online debt advice.