College students are easily targeted for credit cards offers and loans. Companies advertise "Free Sign Up" or "Pay Nothing for 6 Months!" as schemes to get your money. These are quite appealing to a young mind, but can quickly turn into debt. On top of school, work, and all other responsibilities of a college student, debt can be overwhelming. Trust me, I know. A few summers ago, I experienced a great amount of debt from unpaid credit cards, utility bills, and even an eviction. My credit was horrible and the calls asking for money was very tiring. I was able to overcome my debt, by taking small steps, and you can too! Below are a few tips to get your debt in order:
1. Write it down. Take time to write out all of your debt. This can include money you owe friends, to unpaid bills. Put them in order by amount, largest to smallest. This step can be depressing, but having it on paper will help you focus your attention on getting things taken care of.
3. Contact everyone. By now, you've gotten pretty good at dodging bill collectors, but you need to reach out to them. Let them know your situation and come up with a payment plan that works for you. Most companies are fine with you paying $10 biweekly or a small monthly payment. They will better understand if you communicate with them instead of dodging.
3. Pay it off slowly. Taking it one step at a time will help you be able to gain control. Soon you'll be able to cross things off your debt list.
4. Don't let it happen again. Think twice before signing up for a new credit card or loan!
Take control of your finances. As Suze Orman states, respect your money. Managing debt can be easy. By taking small steps, you can eliminate the extra worry in your life. College is already stressful enough!
