bad college credit loan student
Click a Flag to Translate the page
 |
 |
 |
 |
 |
 |
 |
 |
 |
Patrick Lyons: Take control
Lyons ran into money problems while in college. He used credit cards to pay for books and other items. He graduated with $6,000 credit card debt, $8,000 in student-loans debt, and bad credit. He had a hard time getting approved for an apartment and ended up paying 18 percent interest for a car loan when the average rate was 5 percent.He decided to take control of his finances. He paid off his debt in five years.He thinks the key to financial security is self-control."I think that scaling down things and living within your means goes a long way," Lyons said. "If you don't have money to go out to dinner or go on a vacation, then don't do it."This has become a credit-card-dependent society," he said. "People use credit cards for everyday things. They are not like our parents who used them for an emergency or who got by without any credit cards."Lyons acknowledges that credit cards are often necessary, especially when traveling, so he's not advocating doing without -- just discipline."I tell people, if you charge something, have a plan to pay it off in five or six months."Five ways to lower debt* Create a budget.
More bad college credit loan student info
better deal for student-loan refinancing
Sometimes, it pays to procrastinate. Students and parents who still haven't locked in fixed rates for their educational loans before the June 30 deadline have just been given a chance to save a little more money. But even for them, time is running out.
The new opportunity was a result of a provision buried in a bill providing extra defense funding that President Bush signed into law late last week. The amendment allows borrowers who have all their federally guaranteed loans from only one lender – estimated at more than 4 million Americans–to shop around for the best deal. And growing competition has created some deals that could save borrowers hundreds of dollars.
Until the night of June 15, federal law required customers who had all their student or parent loans from a single lender to "consolidate" their loans with that lender, which meant they couldn't shop for the best deal.