Many fresher students have just begun their first year of University and many may already be picking up bad habits when it comes to unsecured borrowing – make sure your children aren't going down the wrong financial path early on.

The key is to be open with the freshers, talk to them abut the pitfalls they may face with rising debt and do all you can to get them into good spending and saving habits. This is easier said than done, with 19% of students surveyed by Equifax saying they hide the level of their spending and debt from their parents and even their partners.

However, the majority of students who responded to the Equifax survey seem to think they will have limited debts once they graduate. A third expect to have a student loan of less than £5,000 with a further 33% expecting to have a student loan of between £5,000 and £15,000. Of course, not many factor in the spiraling unsecured debts that mount up alongside student debts – debts that may land on your plate if they spiral too far and too quickly.

Neil Munroe, external affairs director for Equifax says: “Our survey of students suggests that many heading back to university this week could find themselves struggling if they don’t keep a keen eye on their finances. Although 77% said they don’t incur bank charges from missed payments and unauthorised overdrafts, 19% only pay the minimum on their credit card each month which could mean they are storing up a mountain of debt that will take a long time to pay off when they graduate.

“Those only paying the minimum each month will see interest mounting, pushing them further into debt. We urge students to manage their finances from the first week of term to ensure they minimise the risk of falling into serious debt.”

So the key is to start hammering home the problems of debt early – nearly 40% of students who responded to the Equifax survey haven’t reviewed their spending since the recession and, worryingly, 30% don’t know how much they spend on credit cards and their current account until their statement comes in each month.

Munroe says: “Understandably, 35% are worried about repaying their debts while studying, while 42% are worried about paying debts off after they have graduated. Indeed, more than a third plan to move back with their parents to help them manage their finances at the end of their course.

“Students should aim to start their time at university debt-free for the best chance of graduating in a strong financial position. There’s clearly a lot of financial pressure and the recession just adds to those worries. However, with a bit of planning and careful management, students can stay in control of their finances.”

SOURCE: Equifax, 05/10/09

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

Its a daunting proposition, you have poor credit and it seems there is nowhere to turn, everything is closing in around you and no one can help. Well you can help yourself by using the equity in your property to apply for a poor credit secured loan. A poor credit secured loan can be used by those with poor credit to get them out of trouble and to improve any financial situation. This may not sound logical to you, taking out another debt to help with your current debts, but it is a viable option with the help of an adviser and the right loan.

Read more about the Poor Credit Secured Loan

Very few people in the UK have a perfect credit history, and if you are one of these people then you may have had problems borrowing money recently. But don’t despair, if you have a bad credit history and you need to borrow cash fast, then you may want to consider a poor credit loan. A poor credit loan can allow you to borrow money from your home when you most need it, from debts like store or credit cards to other expenses such as moving home or starting up a business. A poor credit loan can also offer those who have had credit problems monthly peace of mind by bringing debts together into one manageable sum and help to manage soaring outgoings.

Find out more about the Poor Credit Loan

If you have decided that a bad credit secured loan is for you, then there are plenty of things to consider before signing on the dotted line. This feature uncovers the truth about bad credit secured loans. Because although the advantages of this type of product are plentiful, they come with a health warning and shouldn’t be entered into lightly. This feature explains frankly whether a bad credit secured loan is for you – and if it is, how to go about getting one.

Learn more abouth the Bad Credit Secured Loan

An adverse credit secured loan could be for you if you have a poor credit history, yet equity in your house, and you need to borrow some money. Lenders will know if you have a bad track record with credit as they can check your credit score. An adverse credit secured loan will be secured on your property so make sure you can pay it back – otherwise there is a risk the lender could try and repossess your house. A number of lenders will offer you an adverse credit secured loan so it is worth shopping around to find the best deal.

Read more about the Adverse Credit Secured Loan

A bad credit history loan is designed for those people who have faced credit difficulties in the past. The lender secures the loan on your property giving it extra protection in the event that you cannot meet your repayments. Loans can usually be taken out over long terms of repayment and can be used to fund home improvements, a holiday, car or whatever you need the money for. They are sometimes used for debt consolidation purposes although it would be worth taking advice form a specialist adviser if you are in these circumstances. They will be able to look at your particular needs and search the whole market to find the most suitable deal.

Read more about the Bad Credit History Loan

Do you know your bad credit loan rating? Maybe you are one of the many homeowners in the UK who are having to seek a secured loan because of bad credit problems – you have already been turned down for unsecured loans or credit cards in the past and it seems a secured loan is the only way to ease your financial pressures. But how do you know exactly who and what decides your financial fate? How can that knowledge help you improve your bad loan credit rating? And will another loan be a blessing or just another financial burden?

Read More about the bad credit loan rating

Adverse credit loans are increasingly popular among borrowers and are a real alternative to personal loans. This article outlines some of the advantages of an adverse credit loan. As it explains, not everyone is eligible for take out this sort of loan and for those that are there are many factors that will determine the type of product and amount of money they end up taking home. Taking out a loan is a big financial commitment so this article can help you take that step by simplifying the process and laying the bear facts on the table.

Read more on the Adverse Credit Loan