Graduates should always pay off their highest-cost debt first, according to the San Francisco Chronicle.

Offering ten tips for those just finishing college, the newspaper also suggests that renting a car when it is necessary is a way of avoiding high payments on gas, insurance and repairs associated with buying a vehicle.

Another method that can help people get out of debt is a "rainy day fund". Consumers are advised by the publication to gather enough money to cover "three to six months of expenses".

Stephen Brobeck, executive director of the Consumer Federation of America, reportedly stated: "Start saving immediately, even if the amounts are small - and do so automatically."

Providing further financial guidance, the newspaper indicates that lending money to friends is not a good idea as it can complicate relationships, while being skeptical about what salespeople are telling you is also practical if one is to keep on top of their finances.

A recent survey by Reuters and the University of Michigan, reported by CNN Money, revealed that more people in the US have reported a decline in their personal financial situation in 2008 than at any other time in the last 26 years.

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