More loans to cover education costs

The recent study has revealed that the cost of sending a child to a private school, or paying for them to attend college or university will be 5% more in the current year than in the previous year.

According to the figures published by Sainsbury’s Finance, £37 million was taken out in personal loans in 2009 to pay for various education-related costs. Nearly 4,400 personal loans with an average amount of £8,500 were released in order to cover education costs.

As for the amount spent on education, it depended on the region. For example, in London people spent on average £770 annually, whereas in the North West spent an average of only £208.

About 1,100 loans with the total amount of £12.25 million were obtained to help pay for school fees, and 1,900 loans with the total amount of £13.56 million were released to pay for students to attend universities or colleges.

The higher cost of education is an additional strain to the British citizens, who find it difficult to cope with increased costs in items such as fuel and food.
 


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.