Managing debt early in life is critical, and poor choices in college, or young adulthood, can lead to long term consequences. Although student loans may be inevitable in order to achieve a college degree, it is the discretionary spending that must be monitored and kept under control. Student loans should be used for tuition, not to fund spring break trips and weekend entertainment. A poor credit score will lead to higher interest rates on loans or the inability to even get a loan. Some excellent resources are provided below to help you stay on track now so that you will not be suffering consequences for the next 20-30 years on the “fun” that you are having today.
The Drive to 850 – Al Bingham
www.cashcourse.org – Sponsored by the National Endowment for Financial Educators and offers online workshops
www.money.cnn.com – offers several articles, tools, and guides on money management topics
www.federalreserve.gov/consumerinfo – a great resource for financial topics such as banking, credit cards, fraud, etc.
www.ftc.gov – offers educational materials on topics such as purchasing products, fraud, identity theft, etc.
www.annualcreditreport.com – offers free credit reports to consumers
www.powerpay.org – provides programs to strategize paying off debt and developing spending plans.