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More graduates 'struggling with debt'

A growing number of young people in the north-west are still struggling to cope with their student debts, according to a new study.

Research by W3 Debt Solutions found that in the last six months, the number of 20 to 30-year-olds entering into individual voluntary arrangements (IVAs) over the past six months has risen by 183 per cent.

This was attributed to the amount of debt that former university students are left with after they graduate before getting their first job.

Carl Stott, managing director of W3 Debt Solutions, told the Manchester Evening News: "A significant proportion of this increase is because more students are using IVAs to manage their post-university debts.

"Banks estimate that the average student debt will rise to around £20,000 by 2009, which most graduates will still be paying off well into their mid-30s."

Government figures show that the number of people in the UK overall who enter into IVAs has risen by 82 per cent since February 2006.

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17/04/2007 14:20:41

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