Impact of Poor Credit on UK Students Revealed

WARRINGTON, UK. September 2nd, 2024 - As students across the UK prepare to take the next steps in their educational journey, whether heading to college or university, recent findings shed light on the significant impact poor credit can have on their lives. 

 

It’s crucial for students and their families to understand the financial landscape and take proactive steps to manage their credit ratings.

 

Many UK students graduate with substantial debt due to tuition fees and living expenses with the Student Loans Company recently reporting that graduates in England leave university with average debts of £44,940. This debt can adversely affect their credit scores, making it more challenging to access affordable credit in the future. 

 

Lewis Camilleri, Founder and CEO of Boshhh, said: "The financial pressures facing students today are immense, and poor credit can exacerbate these difficulties. It's essential for students to be aware of their financial situation and take proactive steps to improve their credit ratings. By understanding and addressing these issues early, students can pave the way for a more secure financial future."

 

Students with poor credit scores often find it difficult to secure low-interest loans or credit cards and may be forced to rely on high-interest payday loans, which can further strain their finances. 

 

Poor credit also poses a significant barrier to renting accommodation, as many landlords and letting agencies perform credit checks and may reject applicants with low scores, limiting students' housing options. Additionally, some employers, particularly in the financial sector, conduct credit checks during the hiring process, potentially limiting job prospects for students, especially for positions that require financial responsibility. The pressure of managing poor credit can add significant stress to students' lives, impacting their mental health and academic performance.

 

Despite these challenges, students should know that there are ways to improve their credit ratings and access better financial opportunities. Consistently paying bills on time, regularly monitoring credit reports, using credit wisely by keeping balances low, and avoiding unnecessary debt can contribute to a healthier credit profile. 

 

Lewis added: “By taking proactive steps now, students can mitigate the impact of poor credit and ensure better financial stability.”

 

Boshhh specialises in building brighter financial futures, being the world's fastest credit builder and the only credit building phone network. Customers receive access to a full 1800-point credit file so they can monitor and manage their own credit score carefully, while also getting tips and advice for boosting credit scores.

 

To find out more about Boshhh, visit Boshhh https://boshhh.com/