Credit and Debt Management
Assessing Your Debt
In today's world, we all have to deal with money. One of the most important things about money is learning how to manage it. For more information, view the brief tutorial on the link below:
Taking a look at your current debt status is an important step. Ask yourself:
- Do I pay my bills late?
- Do I only make minimum payments on my credit card(s)?
- Am I close to maxing out my credit card limit?
- Do I worry about money all the time?
- Have I ever needed to borrow money to pay my bills?
- Are creditors calling me?
If you answer yes to two or more of these questions, you may be at risk for financial trouble. Consider seeking financial assistance to addressing your debt situation.
Seeking Financial Help
If you have concerns about your debt or think you need other financial assistance, it is important to seek the appropriate help as soon as possible. It is better to address things early when you have more options and less stress.
There may be counselors or advisors on your campus who can offer assistance. You may also want to talk with a trusted family member or friend. Professional financial planners and advisors can help you assess your situation and can recommend a course of action. If you decide to work with a financial professional, research his/her credentials and reputation and select someone you trust.
National Foundation for Credit Counseling This site provides a comprehensive approach to debt management.
National Association of Personal Financial Advisors Be aware that fraud exists in the credit counseling and debt consolidation/ management industries. As a consumer, you need to be wary of promised "quick fixes". Tips on locating and selecting a reputable financial professional can be found on this site.
Your campus may have resources to assist you with developing your GPS LifePlan. Be sure to take advantage of their valuable services.