Say Nyet to New York College Debt…get it…ok, sorry
Heres the thing: Credit cards LOVE giving credit to college students. Why? Because they go nuts. They buy everything. Jeans, cars (I dont know if thats true), pizza, vacations, beer…you get the point. Anyway the problem with all of this is that college kids typically dont have the money to pay this all back. Silly financial decision? Maybe. But you’re 18, and trust me, when most of us look back, we werent making incredibly smart choices at 18.
So heres my point. If you did the above then you have to deal with the above. The worst thing you can do is take an Ostrich approach to the problem and wait to get sued (because you will likely get sued) by a creditor. Why? Because here you are years later and you’ve built your credit back up and WAM, here comes Pressler and Pressler and they want their money for the Cancun plane tickets you bought for $300 a few years back. And now you have to deal with it. So, if you’re in college in New York or New Jersey, or fresh out, you likely will want to deal with this issue (Bankruptcy or settlement…I reaaallyyy like the former more than the latter and Ive explained why in many of my past columns. In any case, the whole point is that its just much better to deal with the issue before it becomes a huge problem down the line. If you’re deep in debt, speak with a Bankruptcy attorney or a credit counselor to figure out what your choices are (because you have many). Dealing with the problem at its early stages can save you thousands in interest and also, your credit.