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Sunday 27th July 2008
The once obligatory student credit card and overdraft facilities with a number of freebies and added extras have been shelved by many financial companies for the time being. Slowly but surely more and more basic financial incentives are being taken away from the student market, often replaced by free cinema tickets and the like. So what is going on?
The credit crunch has taken in all areas of the economy, even the student market which has been a great area for future investment by the banks. While the free cinema tickets catch the eye, gone are the iPods and many overdraft terms have been changed with interest rates increased and free overdraft amounts reduced.
A number of reports have highlighted the current plight of students with many leaving education with over £20,000 of debts and some struggling for employment. The current economic downturn will also see the number of high paid employment positions fall dramatically over the next 12 months, forcing more students to take less well paid jobs.
This then put pressure on a student’s ability to repay their debts, something which the banks are only too aware of. While the famous student credit card offers will return at some stage, they may not be available for many in further education at the moment. |
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