Don't worry about securing credit, graduates told

Graduates have been advised by one financial expert that they should not worry about the effect the credit crunch might have had on their finances.

Head of Credit Cards and Loans at Moneyfacts, Samantha Owens, explained that despite the recent economic upheaval, lenders are unlikely to revise their graduate-finance packages.

Generally, the graduate lending market tends to stay static, Ms Owens remarked, although some tweaking to financial deals may occur.

'We don't see any market contraction for graduates and they shouldn't be concerned about ridiculously high rates, or trouble getting any credit,' she said.

Loans for university leavers are still 'reasonably competitive' and debt is something that lenders expect graduates to have, she added.

In fact, statistics from Credit Action show that on average graduates owe £12,363 when they leave higher education.

Ms Owens noted: 'They're not going to be judged the same as a 35-year-old who has tonnes of debt.'