Those of you who know me know that I like lists. Yes, lists of all kinds and types. Small and large and on topics important and not-so-pressing.
So, yes, I made a list of things that I wish I had known in my 20s, which is so far in the rearview mirror of life that I can’t even see it. But here goes:
- You need to start early to build a credit history
The average college senior graduates with more than $4,000 in credit card debt and most students don’t understand how to manage their credit. About 60% of college students mistakenly think you can build credit by paying off stuff with checks or credit cards. In reality, the only way to build good credit to use it. The catch is that you need to pay it off each month. This tells creditors you are a good risk.
- There is no substitution for a budget.
Retailers will happily take your money and bust your budget. They have turned creating a temptation to buy things like clothes, electronics, entertainment and even snacks into an art form. You need to resist. Develop and stay on a budget. If you stop by Consumer Credit, we can give you a new and very handy spending plan brochure to help. It’s easy to use, and helps you keep track of what you are spending, and in what areas.
- Student loans don’t have to control your life
Research shows that 41% of all millennials have student debt that is forcing them to delay things like kids, marriage and even homes. Consumer Credit Counseling has the only credited student loan counselors in the region. Come by for an appointment to see how we can assist you in managing your student loans so that they are not hurting your future.
- Identify theft hurts.
It’s not just folks in the 30s and 40s who are hurt by identity theft; this can also hurt and impact those in their 20s. Keep an eye on your credit, become familiar with it. If you see something wrong, we can help you get in contact with the credit bureaus to challenge that.
- Interest Matters
Know and understand how your credit can impact your future, both in getting a job and in getting a new home. A good credit score can help you save money and increasingly employers are looking at credit scores as part of the hiring process.