Debt Management - The Student Loan Sex Divide

The number of young adults in debt in the UK is vast and a large proportion of this debt can be attributed university costs. Debt management is more pressing for female graduates as it takes them 5 years longer to clear debts.

Research carried out by the Government has estimated that, on average, it will take female graduates an extra five years to clear their debts after completing their university course. A debt management plan is a good way of clearing debts as it provides a clearly structured method of repaying outstanding debts and returns a debtor to a firmer financial footing in the quickest possible timeframe.

Debt Management – Wage Disparities

It is little wonder that debt is having a massive impact on young graduates throughout the UK. It is a fairly shocking statistic that it takes male graduates 11 years to get back in the black after university and female graduates 16 years. Debt management plans may be a good idea for graduates as many will have accumulated a number of credit cards during their university life and a debt management proposal is a good method of structuring these debts and making them more manageable. The reason for the 5 year gap between male and female graduates getting back into the black is predominantly due to the gender pay gap which leads to many women earning 20% less than their male counterparts.

Debt Management – Maternity Money Matters

Another key factor in the cause of the gap between male and female graduates paying off their debts is due to the fact many will take time off work to raise children which obviously impacts upon their earning capacity. The typical level of debt after leaving university is between £12,000-£15,000 and this level of debt becomes utterly unmanageable for many young graduates. Many will opt for a debt management plan in order to make their multiple debts more visible and to provide a proficient plan of action regarding how they are going to pay back their debts.

Speak to Consolidate My Debt about Debt Consolidation

Consolidate My Debt are debt solution experts who offer a range of options to those in financial difficulty. Consolidate My Debt use fully trained debt advisors to ensure they find the right financial solution for you. Financial solutions from individual voluntary arrangements (IVA) to debt consolidation are offered and Consolidate My Debt can consolidate your debt into one affordable monthly payment. To find out more about the IVAs, debt consolidation and other financial solutions on offer from Consolidate My Debt just freephone 0800 158 3654 or email enquiries@consolidatemydebt.co.uk.

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