Young graduates are not looking to get stuck with bed debt problems. Unfortunate, many are. Coming out of college in their early 20s, graduates face tens of thousands of dollars’ worth of student loan debt without the promise of a high paying job. How many of these same graduates fell into credit card debt as well? According to a CNN survey, the average student leaves college with $35,500 in government, family and personal private loans. It also includes about $3000 of credit card debt. That’s a tough starting position to be in. The faster the young adult learns to budget a paycheck and focus on paying down debt, the less likely they will be in jeopardy of needing alternative short-term loans.
One of the first things a young graduate must do is figure out exactly how much money they owe and to whom. Total the amount of monthly payments. Include student loans since the six month grace period will be … Read the rest