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Stop harassing phone calls from creditors before they start

Financial advisers often recommend that college students here in New Jersey and around the country begin building their credit history by obtaining and using a credit card. Building a credit history may be important, but that goal could easily be sabotaged by misusing credit. It is possible, however, to stop harassing phone calls from creditors before they start.

College students who have no credit have the unique opportunity to start on the right foot. A credit card may be used to build credit, and paying off the balance each month will avoid high interest charges, late fees and credit blemishes. Paying the card off each month might also instill a habit of living within a person's means, which could financially benefit him or her in the future.

Unfortunately, this may not always be possible, and students could end up carrying a balance. Making minimum payments may not be ideal, but it is better than making payments late or not making payments at all. Not only will these actions affect an individual's credit, but they could also lead to penalties, fees and higher interest rates. A person's financial situation could go from bad to worse quickly.

Sometimes, circumstances can get out of control and prevent an individual from obtaining an adequate credit rating. When financial troubles become overwhelming, bankruptcy could provide New Jersey residents with some much-needed relief. Filing for bankruptcy will not only stop harassing phone calls from creditors, but it will give the filer the space and time needed to evaluate his or her financial situation. The filer may be given the chance at a fresh start financially while gaining an understanding of how to avoid ending up in the same predicament.

Source: Fox Business, "6 Credit Card Mistakes Students Make", , May 22, 2014

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