Books to Briefcase - Consolidated Credit Counseling Services, Inc. Provides Money Management Tips to New Graduates

Most new grads will have to look for an apartment, possibly a car, and their first real job. Then six months after graduation most student loan repayments start. Talking about a juggling act and an introduction to managing money! Consolidated Credit Counseling Services offers advice.

Fort Lauderdale, FL (PRWEB) May 9, 2007 -- Congratulations to all new college graduates! For years they have had to juggle time and money to make it through school, becoming their own money management (http://www.consolidatedcredit.org/debt-learning-center/creating-your-budget.asp) specialists. The financial balancing act that they have been used to is just a preview of what they will need to expect as they enter the working world.

"Most kids grow up without learning anything about the rules of credit (http://www.consolidatedcredit.org/debt-learning-center/learning-center.asp). They don't have anywhere to learn these things except from their parents," says Howard Dvorkin, author of "Credit Hell: How to Dig Out of Debt" and the founder of Consolidated Credit Counseling Services, Inc. "If parents send their kids off to school without having taught them the basics of money management - particularly as it applies to credit cards - they shouldn't be surprised when their children wind up with credit problems and have trouble making ends meet."

Some interesting credit debt college student facts:

* The average outstanding balance on undergraduate students' credit cards was $2,169, with final year students carrying an average balance of $2,864.

* As students progress thorough school, credit card usage swells. Ninety-one percent of final year students have credit cards compared to forty-two percent of freshmen.

* It would take roughly 12 years for a student to pay off a $1,000 credit card debt with an 18% interest rate if they are making only minimum payments.

* An estimated 80% of the nation's colleges and universities permit some form of on-campus card solicitation. 77% of full-time undergraduates going to a 4-year school have credit cards.

To avoid the debt trap and stay solvent, Howard Dvorkin recommends that recent graduates follow these money management tips:

* Track purchases and put together a spending plan. Continuously check spending to make sure it is less than, or equal to, your income. If you're spending more than you take home, make adjustments to your spending plan by reviewing you spending categories.

* Once you know where your money is going, it's easy to make small adjustments that can really add up. Look at discretionary areas of spending first. Spending for items like eating out, lunches, entertainment, clothing, personal items, etc., can often be reduced. If you cut a little in each area, you will not feel the pinch, and it will still make a difference to your overall debt.

* Shop around for the best rates on car insurance, cable, or satellite packages and lower rates for long distance service or Internet access. Switch to a lower cost mobile phone plan and take advantage of discounts whenever possible.

For more information on money management, dealing with credit cards, and how to budget, please visit http://www.consolidatedcredit.org/.

Consolidated Credit Counseling Service's mission is to help people end financial crisis and solve money problems through education and professional counseling. Consolidated Credit is an industry leader providing credit counseling and debt management services throughout the United States. Consolidated Credit is a non-profit agency that has helped thousands of individuals and families deal with life-altering credit, debt, and financial issues.

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