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Graduates ’shouldn’t have any trouble getting credit’ despite economic turmoil

March 5, 2008 by admin  
Filed under News, News-Credit-Cards

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Despite tighter lending conditions created by the global credit crunch, graduates should not have any trouble in getting credit, one has claimed.

Moneyfacts said that lenders consider different factors when dealing with graduates as they are viewed as customers worth attracting despite the debt they will have taken on at university.

Because of this, graduates typically enjoy low rates and high borrowing on their loans, which is unlikely to change this year, she advised.

Samantha Owens, head of credit cards and loans at Moneyfacts, said: “We don’t see any market contraction for graduates, and they shouldn’t be concerned about ridiculously high rates, or trouble getting any credit.”

She added that as a graduate is seen as a “good prospect in the long run”, these accounts are to remain static.

According to debt charity Credit Action, average graduate debt in the UK has dropped for the first time in six years.

Graduates who leave university with debt now owe on average £12,363, a decrease of £889 (six per cent) on 2006.

Tags: action, prospect, university, average graduate debt, trouble, financial expert, graduate, cent

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