Bad Credit Debt Consolidation Loan

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Donít Become a Student That Graduates Needing a Bad Credit Debt Consolidation Loan

Being a college student is the most amazing time of your life. It can also be financially daunting too. It's a costly process and covering tuition fees and any additional expenses is a financial burden for both yourself and your family. It can be all too easy to turn to credit cards or a personal loan for help, but you need to have the strength to avoid racking up a substantial debt that you cannot pay back. It would be devastating to leave college with bad credit and need to take out a bad credit debt consolidation loan.

College students are a lucrative target group for financial institutions.

Once you have made the decision to further your education you will be bamboozled with a multitude of offers for things like credit cards and college loans. According to CardWeb.com, over 80% of college students have at least one credit card and tend to walk away from college $3000 in debt. This most frightening fact is that one in ten college students will graduate with serious debt that they are unable to repay. As they have been repetitive in missing payments this can saddle them with a bad credit history and the only way they can get themselves out of this situation is to take out a bad credit debt consolidation loan or turn to their parents for help.

Are you a college student?

You need to realise that your credit history is of paramount importance any financial mismanagement at college will affect your credit score. If this credit score illustrates that you have a bad credit history, you will have difficulty in getting a loan or mortgage without a substantial increase in interest rates. Thinking that a bad credit debt consolidation loan is always there to help is not what you should be thinking.

If you are at college or even considering it, make sure you follow these steps before you have no option but a bad credit debt consolidation loan:

  1. Set yourself a weekly budget and stick to it Ė if you can't afford to go out don't.
  2. Keep track of any debts that you may have including your college loan and always be aware what you owe and what your monthly commitments are.
  3. If you have a credit card only use it rather much like a cash card and make sure that the balance is paid in full every month.
  4. Do not take out more than one credit card as this maximises the temptation.
  5. If you have a credit card do not max it out as this will have a detrimental affect on your credit score too.
  6. If you feel that you are getting into trouble talk to your bank, your credit card company and any other company that you feel you may have difficulty in repaying. You may be able to come to a more reasonable repayment arrangement that will be far less costly than a bad credit debt consolidation loan.