Financial advisor gives tips to avoid college debt
MACON, Georgia (41NBC/WMGT) – College freshmen can easily to become victims of debt. Credit card companies are anxious to issue students cards. Financial advisors recommend paying bills on time and avoid reaching credit limits.
“You’re in college to start a career and now most career opportunities, your employers are going to actually pull credit as well. Your insurance that you pay for your vehicle as well as your life insurance is going to depend on credit, as well as the utilities when you get that house or apartment,” says DaQuanis Harvey who is a Financial Well-Being Coach at Operation HOPE.
Operation HOPE is an organization that offers free financial counseling to underserved communities. Harvey coaches clients on how to manage money, create a budget and help build good credit scores.
Some students run into cases where they borrow unnecessary money from student loan companies.
“If you can survive without it, definitely don’t get the student loans,” Harvey adds.
He adds having good credit does not only affects the ability to buy things but how much you pay for them. A person with a higher score will have better rates on a car payment versus someone with a lower score.
It’s a good idea to start monitoring your financial transactions so you can live a debt free life after graduation.
Harvey explains, “Now you actually have money allocated to do those things that you really want to do. You can take those trips you want without feeling guilty for doing so. You can also save and invest.”
To learn more about operation HOPE or get advice on financial counseling call (478) 741-9881 or attend any of their workshops. The next workshop is scheduled for Saturday, August 5th at 1pm at the Buck Melton Center in Macon.
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