bad credit student loan
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FINANCIAL ADVICE: 5 tips to start your marriage right
The wedding day frenzy has ended, and the honeymoon happened weeks ago. Now one of the toughest challenges for young couples begins: managing finances.
Here are five tips from local and national financial consultants for living financially ever after:
1.Communicate expectations and habits. Spouses should be open about credit card and student loan debts. Begin to set financial priorities by answering either/or questions such as: Which is more important: owning a home as soon as possible or taking vacations each year?
You're entitled to one free credit check a year from the three nationwide reporting agencies. Couples should use that information to gauge their financial health and measure their year-to-year progress.
2. Know the difference between good debt and bad debt, and take action.
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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.