Dealing with College Debt.
Friday, September 22nd, 2006
The best time to deal with College debt is before it starts! Barring a few, most people today need to rely on loans for completing a degree. But quite apart from this, there’s also the other side - personal expenses. And with credit cards available for the asking, it’s tempting to use it to ease the grind.
But that isn’t exactly the best way to go, as this article in the Wall Street Journal calls out. Higher interest rates, mean that the burden balloons. And if payments are missed, it hits your credit score, in addition to the penalties incurred.
The key points to note :
1) Make a budget. And stick to it.
2) Pay all your bills on time. Easy credit isn’t easy to repay, if you’ve let it go.
3) Check the statements for unusual charges - with the ease of identity theft these days, you could end up paying for something you haven’t bought. Ditto for penalties, additional fees and the like.
4) Watch the interest. And the interest on interest.
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September 22nd, 2006 at 9:36 am
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