The rising debt problems amongst students is causing major concern as the total debt figures are mounting and a majority is failing to cope with the credit crunch. You must think about debt solutions . The situation gets even worst as the new polices adopted by lenders not to extend credit limits and loans.
So what exactly students should be doing to ease the debt burden
Know your work rights
You are entitled to earn a minimum wage of 5.52 if you are 22 years and older or 3.40 if you are under the age of 18 , as of the latest October 2007 legislation.
Under these rules your must not accept anything below the limits set forth by the Government.
If you face any abuse or feel being forced to work under the given limit you must consult law enforcement agencies such as the national minimum wage hotline 0845 6000 678
Adding an extra income
You can also take a part time job to minimize your debt burdens. If you are lucky you might even find a relevant part time job in the career you might want to pursue later on after your studies. You can look for such job adverts appearing in your college or university message boards, student magazines, newsletters etc. to start with.
Taking control of your future debts
Never go to a bank to get a loan, it’s better getting in touch with your college or university for funding help. They can either provide you a loan directly or point you in the right direction to secure a loan on a discounted student rate.
Tax refund options
A lot of students are not aware of certain concessions made by the Government such as income tax free allowance. You should ask your employer to provide you the correct student forms they can submit to the tax help department to get concessions on your tax rate.
