As a student it is more than likely that you will need to manage debt:
| Source of debt | Things to know | Tips |
|---|---|---|
| Credit cards | Charge very high interest | Use credit sparingly |
| Debt and interest can build up quickly | Repay promptly Shop around for the best rate and repayment period Keep the spending limit low |
|
| Store cards | Charge extremely high interest | Avoid these |
| Mobile phones and internet access | Contracts and usage can be expensive if not well suited to your usage patterns | Keep phone usage as low as possible Consider switching to a pre-paid card |
| Check you are on the best plan for you | ||
| Course fees | If you are struggling to pay university course fees, you should seek help | Go to course fee types for more information |
| Personal loans | Charge high interest rates | Before borrowing, consider your ability to repay and the consequences of not meeting the payments |
| Scams and traps | Things that sound too good to be true usually are Get rich quick schemes usually only benefit the scammer |
Be wary when making all purchases for products and services |
| Consumers have rights that the government attempts to support | Contact Consumer Affairs Victoria | |
| Identity theft | Is increasingly common Even when discovered, it may not always be possible to undo the losses and damages |
Keep personal details private - be careful when using social media |
| Protect your passwords and pin numbers | ||
| Shop online using an accredited payment gateway or using a card not linked to your bank account | ||
| Gambling | Regular gambling and the highs and lows of winning and losing can be addictive | See a university counsellor |
A poor credit history can prevent you from accessing future financial services.
Legal advice is available to help students with any unexpected problems that arise.