I, like many others have not been educated to university level. In fact there is a growing number of Britons that have not had the benefit of going to college, which is mainly due to the financial crisis we have found ourselves in. Many school leavers prefer to take up a job than pursue a higher education. Those of us that do decide to pack up and head for the dormitories find, along with those hard earned qualifications, comes a rather substantial debt. Students sadly lead a very hard life whilst living inside the higher educational system.

Along with studying day in day out, some also need to find employment in order to support themselves. It has been known on many occasions for a student to go as far as taking up two jobs along with their coursework. We may offer access to student loans to pay for tuition fees and cost of living although, as with all loans these need to be paid back. And so for years after leaving the halls the debt still remains. This means you still have to work twice as hard.

What they don’t mention is the fact that, along with qualifications the most desirable jobs also require experience. If you decide to find your own place to live, you then have to pay bills, rent and the loan repayments. If you have not taken out a loan or credit account prior to this, you will soon find there is no other option. This leads only to further debts as the high price of living and high APRs are a volatile combination. One particular company I recently received an email from were offering me £300 as a loan, which I would receive in one payment, although after calculating the APR I would be paying back a massive £580!

Personal debt leads to stress which has many detrimental long and short term effects on the individual. Firstly health problems which, if bad enough can stop you being able to use those precious qualifications leaving you unable to work. If you can’t work your only option is to live off of the state. We unfortunately do not have endless amounts of money, so each claimant drains money from country. We see such low rates of benefit as most people who claim benefits are fully capable of working but do not want to leaving those who are truly unable suffering for the laziness of these fraudulent claimants.

Mounting debts that do not seem to reduce no matter however much you pay results in stress that may well lead to relationship problems. Marriages or cohabitations will come to an end with these sorts of pressures. Heaven forbid there should be any children involved. If there are, one partner is destined to live along with the child in a lone parent family unit. Now this means income support for the mother’s child benefit and depending on how the other parent is coping even income support for them as well. So the breakdown of the family unit, caused by debt, leads to yet more debt!

Personal debt also leads to company debt, as the company cannot cover the vast amounts of unpaid accounts. Company debt will lead to closure and this will lead to a loss of a service to the public. This then affects the prices on our high street and in our supermarkets. Which leads to …. debt maybe?

If the retailers have to go further afield to meet demands then the consumer is the one who pays the difference. Just as if the wholesaler loses its retail outlet, products start to rise in price to cover production costs, or costs of shipping further to another retailer. If the wholesalers go into the red they will start laying of their workforce to compensate leading to unemployment leading to debt leading to marital problems leading to debt leading to company debt leading to closure and then back full circle to unemployment! Then factor in the dreaded recession. Remember that all I have mentioned stems from one cutting of the tree of life, student tuition fees. Of course many other factors also contribute to this.

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