Graduating with financial honours how todays graduates can get themselves into good financial shape
08 October 2008
With many recent UK graduates starting new jobs this autumn, credit reference agency Callcredit has developed some top tips for graduates to help them best manage their finances.
Owen Roberts, head of Callcredit Check, the consumer arm of Callcredit comments “For many graduates, starting their first, full-time job can be a daunting prospect, and worries about money will only add to the stress.
“Our own research has shown that 71pc of young people aged 18 – 24 are more concerned today about their financial future than they were 12 months ago. However, by taking control and taking an active interest in their finances, this year’s new graduates can minimise their money worries.
“Checking your credit report is a quick and easy starting point as it gives you a comprehensive view of your financial commitments and a better understanding of your financial status.”
Callcredit’s top financial tips for graduates
Budget…and stick to it. Your biggest outgoing if you live away from home is likely to be your rent/ mortgage. Make sure you can realistically afford the repayments
- Split the bills…not just the cost, but also, the responsibility. Make sure that if you live in a shared house, not all the bills are in your name. If there are any problems with repayment this will affect your credit rating, even if you are not the one at fault
- Organise…make sure you and your housemates set up standing orders for repayments. That way you don’t have to chase them for payment when a bill comes in and house relations will remain harmonious
- Talk…to your employer. Many offer 0pc interest for annual railcards or bike loans with the pay deducted from your monthly salary. This can be a cost effective way of paying for transport
- Don’t…go too mad on payday. Having too much month at the end of your money is never an enjoyable experience!
About Callcredit:
- Callcredit (www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.
- Callcredit check (www.callcreditcheck.com) is the consumer arm of credit reference agency Callcredit, providing consumers with instant online access to their credit report and services to help them monitor their credit status.
- Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.
- Callcredit is one of six core businesses that form the Callcredit Information Group. The other five are:
- Database management company EuroDirect
- Market analysis firm GMAP Consulting
- Online payment service provider, Legatio
- Scorecard development and affordability assessment specialist DecisionMetrics
- Marketing services and database specialist, Broadsystem
- Following the publication of Sir James Crosby's report, Callcredit has joined forces with the other two UK credit reference agencies to offer expert advice for victims of ID fraud. This joined up approach will mean that victims can contact Callcredit who will then alert the other two agencies to the fraud on their behalf. Our ID fraud team will also work with victims to contact all lenders and ensure that fraudulent information is removed and the consumers' credit history is fully restored.
For further press information contact: Jane Fordham, Katie Moore or Sophie Smith at the Callcredit Press Office on
0207 067 0600 or callcreditpr@golinharris.com
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