TORONTO, Sept. 3 /CNW/ -- University students have a lot on their plate
and oftentimes, students who aren't careful with their spending habits may end
up adding credit card debt to their list of worries. TransUnion.ca is
providing simple steps to help students graduate with high honours in credit
"If students don't manage their finances, they can certainly do damage to
their credit long after their days at university are over," said Tom Reid,
director of Consumer Solutions for TransUnion.ca. "On the bright side, those
who follow a budget and understand their financial limits can leave school
with a strong basis for financial success in the future."
TransUnion.ca has outlined a list of five easy tips students can use to
help them manage their finances:
1. Understand finances -- Students need to understand exactly where
their finances stand. Regularly reviewing credit card and loan records along
with their credit reports from both credit reporting agencies is a good way to
understand where they stand at any given time.
2. Watch for danger signs -- Negative records such as late payments and
collection accounts can remain on credit reports for 6 years. Students can
keep their future finances healthy by avoiding these problems from the
beginning. Cell phone bills and other types of debts, even when not reported
directly, can sometimes be turned over to collection agencies who may then
report them to the credit reporting companies, so graduates should keep an eye
out for these negative records as well.
3. Create a spending plan -- Developing monthly spending plans will help
students understand exactly how much they need to pay toward their debts and
how much they can afford to splurge. Fairly low interest rates on student
loans make it possible to place the short-term focus on paying off high
interest credit card debts.
4. Prepare for emergencies -- A few preparations for the worst-case
scenario can help students and recent graduates avoid financial problems in an
emergency. To start, they should build up enough savings to cover their
expenses for 2-3 months. If they find themselves out of a job or unable to pay
back their debts, graduates should immediately call their creditors and
lenders to explain the situation. Federal and provincial loan programs may
have debt reduction and interest relief programs that will allow borrowers to
put their debts on hold temporarily.
5. Consider consolidating -- Look into your loan consolidation options.
Often, students who consolidate within six months of graduation or who sign up
for automatic payments can save even more.
For more information, visit http://www.TransUnion.ca.
As a global leader in credit and information management, TransUnion
creates advantages for millions of people around the world by gathering,
analyzing and delivering information. For businesses, TransUnion helps improve
efficiency, manage risk, reduce costs and increase revenue by delivering
comprehensive data and advanced analytics and decisioning. For consumers,
TransUnion provides the tools, resources and education to help manage their
credit health and achieve their financial goals. Through these and other
efforts, TransUnion is working to build stronger economies worldwide. Based in
Toronto, with global headquarters located in Chicago, Illinois, TransUnion
provides local service and support across Canada. Visit
http://www.TransUnion.ca to learn more.
NOTE TO EDITOR: for more information or to schedule an interview with Tom
Reid, contact Steven Katz, TransUnion, at 312.985.2373 (firstname.lastname@example.org)
or Aimee Eichelberger, CKPR at 312.568.7324 (email@example.com).
For further information:
For further information: Steven Katz of TransUnion, +1-312-985-2373,
firstname.lastname@example.org; or Aimee Eichelberger, +1-312-568-7324,
email@example.com, for TransUnion