May 24th, 2017

Avoid Mountain of Debt.

Donald McMurryYou are pre-qualified! I have been warned that these are dangerous words for a college student. These words have caused many students to graduate with a mountain of credit card debt. Starting off on the right foot financially is a critical issue for those graduating from college. Many students graduate with large amounts of student loan debt and credit card debt. This debt can be a problem for a number of years after graduation. By not taking out student loans, living on a budget, and not applying for a credit card are ways I plan to start off on the right foot financially when I graduate from college.

My goal is to graduate from college without a student loan burden. Through scholarships, grants, and money earned through working, I plan to pay for my college education without going into debt.

In my personal finance class during high school, I learned about and developed a personal budget. This project helped me to understand how much money it takes to live, and that bills have to be paid before money can be used for entertainment. I now know the importance of living within my means. I cannot spend more money than I have. Having an emergency fund to use for unexpected expenses is part of the budget plan. This budget will help me stay on the right foot financially.

I have been warned how credit card companies prey on college students making it easy for them to acquire large amounts of debt. I have been taught that sliding the card for purchases can seem harmless, but not having money to pay for the purchases is harmful. I do not plan to get a credit card while I am a college student, even though I may be pre-qualified.

Donald R. McMurry, III, Providence Christian Academy

Category: College Bound