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Gen Y with Will

Credit Cards vs. Debit Cards!

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woman choosing a credit or debit card from walletSure, credit cards can be a great way to have a financial safety buffer in your pocket, and they build credit pretty quick, too.

But everybody has heard of dangers that can come with credit cards if you’re not careful, as well as the horrific statistics:

  • The average college senior has about 4 credit cards, but only 50% of those students have a job.
  • The average balance on these cards is $2,864.
  • The number of 18 to 24-year-olds declaring bankruptcy has increased 96% in 10 years.

 

Read more: Credit Cards vs. Debit Cards!

In Money Trouble?

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woman holding empty walletOkay, this article is packed with ways to prioritize your spending and save money creatively.  But what if you’re reading those articles too late?  What if you’re already in deep trouble when it comes to money?

And let me define “deep trouble”— you’re so broke you’re thinking about singing for change on a busy street. Being 30 days late on some payments, a shutdown phone, bounced checks, or lights being turned off in your pad also describe “deep trouble.”

If any of this sounds familiar, you’re not alone. People our age mess up all the time, and many ruin their credit in the process.

 

Read more: In Money Trouble?

 

The Top Ten Money Myths: How Many Have You Fallen For?

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As part of my job, I’ve spent the last four years talking to young people about money. I keep hearing these 10 money myths. How many have you fallen for?

  1. I don’t have to worry about credit at my age. Not true. By your early teens, you need to start paying attention to how you manage your money and use credit.

  2.  

    Read more: The Top Ten Money Myths: How Many Have You Fallen For?

   

Cell Phone Scams!

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We’re cruising along in the car listening to music. My buddy gets a phone call:

Last warning: your car insurance warranty is about to expire! Press ‘1’ to talk to a representative,” the voice says. Without thinking, my buddy presses “1” and looks lost while listening to what the person on the phone has got to say.

Wait a minute; he suddenly remembers he doesn’t even have a car!

 

Read more: Cell Phone Scams!

 

Job Scams!

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So the economy is bad. People are losing jobs and are out of money… Sounds familiar?

So, let’s say you’re looking for a job. Here’s something you have to think about: being scammed in the job hunt....

Job scams are happening to young people around the country more and more, whether they’re moving out, or moving back in with their parents.

 

Read more: Job Scams!

   

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Web Links

November 2009

The 2010 Census is fast approaching. Every household will receive a questionnaire in February or March 2010. Census phishing and email scams are already appearing. These tips from the Census Bureau will help you avoid the scams.

The 2010 Fuel Economy Guide is now available. The annual fuel cost estimates in the online 2008-2010 fuel economy guides are updated weekly to reflect the Energy Information Administration's current national average prices for gasoline and diesel fuel.

How to pay down your debt
This article from Consumer Reports evaluates 3 different strategies for paying off your credit card balances.

Net Cetera: Chatting With Kids About Being Online
This guide from OnGuard Online can help adults talk to kids about how they live their lives online and help them reduce the risks of socializing and communicating online.

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