Working Your Way Out of Debt
As Brian discussed, many collegians leave their university experience with a ton of memories... & a ton of debt. There are plenty of options available for repaying student loans and maxed-out credit cards, but the most important thing you do is continue to actively pay your debt down.I learned at a very young age that making minimum payments, although better than nothing at all, will take an incredibly long time to pay off your whole balance. Adding even 10 or 20 dollars to your minimum payments each month can make a huge difference.
Another tip is to save, not spend. While it will be tempting when you get your first few big paychecks to splurge and reward yourself, remember that you have a financial obligation to your bank or lending institution to pay off the entire balance. Don't neglect your personal desires, but also keep in mind that the more you do spend extra money on yourself, the less you are working toward that debt!
Last but not least, don't stress too much about the money you owe. Keep it as a priority of course, but do not make yourself crazy about it. The key to your success in paying off debt is keeping control over it!
Labels: credit card debt, student loans
Posted by Amanda on 8/13/2009 12:30:00 PM
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