Graduates 'should not rush to pay debt'

People leaving university do not need to hurry when paying off their student debt, it has been claimed.

According to consumer website Moneyfacts.co.uk, the amount borrowed when studying does not have to be paid off straight away, as low interest rates apply and the debt can be paid off throughout working life.

The domain added that graduates need to make sure they get the best possible deal for them by shopping around the market.

"Searching for the best current account provider may be the last thing on many graduates' minds. But by taking the time to shop around, they could find an account that suits their circumstances," Moneyfacts.co.uk commented.

Meanwhile, figures released by money charity Credit Action show that the total amount of personal debt accrued by people in the UK stood at more than £1.4 trillion at the end of May 2008.

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