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Financial Tips for the College Bound Student
Gone are the days when credit card companies constantly badger college students on campus to open a credit card and receive a shirt, backpack, or even a pencil as a reward. Recent change in federal regulation only allows credit card applicants over the age of 21 to apply for a credit card UNLESS they are over the age of 18 and able to show "financial responsibility." What exactly indicates "financial responsibility" is a huge loophole in this new federal regulation.
With the average student accumulating over $23,000 in student loan debt and $4,000 in credit card debt (and rising!) during their years as an undergraduate student, when will the importance of encouraging practical, personal finance education in colleges and universities come to the forefront of our nation's attention? These statistics basically tell the same story: our next generation of college graduates will enter the next phases of their lives in a personal finance hell composed of a combination of crushing debt and poor credit.
With the necessity for good credit at the forefront of the minds of all Americans, I have outlined a few tips aimed specifically at helping those who are just entering college or about to graduate establish and keep a good credit rating. They include:
The bottom line here is that once you have use of a credit card, you want to pay your bills on time, keep your balances low, don't take on more credit than you need, and if you've missed a payment, you should get current and stay current. Good credit can be your best financial friend as you go through life and bad credit can be the ball and chain that drags you down.
Gabe Albarian, author of Financial Swagger (FinancialSwagger.com) and a 28-year-old businessman has worked in real estate sales, finance, and investment for nearly 10 years and has done extensive consulting work in personal finance for both individuals and groups. He earned his undergraduate degree in Political Science at the University of California, Los Angeles and is currently pursuing his Masters in Business Administration with an emphasis in Finance at the Marshall School of Business at the University of Southern California. In his book, Financial Swagger (FinancialSwagger.com), he explains the essentials of being financially savvy with a young perspective that is easily comprehended by all readers of every age. Simple financial lessons about banking, credit scoring, credit cards, loans and more are important to understand whether you are 16 or 86. LIKE Gabe on Facebook and Get Chapter One of his book for FREE! (Facebook.com/GabeAlbarian).
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