Three weeks into the new year, and millions of Americans are still clinging to the resolutions they made on Jan. 1. Many of us are pledging to create better habits, while others are committing to ditch bad ones. One dangerous habit that many college students fall victim to is accumulating debt. That’s why this week I caught up with financial guru, Aisha Taylor, to get her expert advice on how to keep college students from going broke. Check out her money management tips.
Aisha is a #1 Amazon Best Selling Author and the creator of The Live Phenomenal Program, designed to help people get out of debt and stay out! Aisha, is a graduate of Duke University and remembers the pitfalls of managing money on a college campus. Here’s her two cents on how to avoid them:
- Beware of the “free t-shirt” deals. Banks and credit card companies will entice college students to open up a credit card with the promise of a free t-shirt or some other gift. According to Sallie Mae, the average college senior has $610 in credit card debt. Think about it this way. If this debt is on a card carries a 19.8% interest rate and only the minimum payment is paid, then it will take 4 years and 4 months to replay the debt and $288 in interest would be paid. That costs way more than a free t-shirt.
Read more on JetMag.com: http://www.jetmag.com/life/the-yard/5-money-management-tips-college-students/#ixzz3Q3GF11hK
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