With graduation season in full swing, Dave Carpenter has put together a good article on how the newest members of the working world should go about avoiding debt problems.
His advice:
* Stick to a budget;
* Be very careful with credit. “If you can’t pay for it with cash, you don’t need it.’’ Debit and prepaid cards are preferable to credit cards (now unavailable to those under 21), which can lead to bad habits.
* Be aware of costs and fees.
* Start saving.
* Guard against identity theft. Young people are the biggest targets of identity scams. I didn’t know that.
Good luck to the class of 2010!
By Doug Beaton