Young Adults Face Debt Disaster
June 29th, 2005 No Comments » | POSTED BY ROB
The Motley Fool has an article detailing the debt problems faced by today’s students, and gives a couple of pieces of advice:
- Avoid consolidation loans – can lend you in more debt unless you manage to find a really great rate.
- Kill your debt with a 0% card – become a “rate tart” and keep switching your balance around.
Whilst I would agree with both these points (especially the first), recent reports suggest that 0% credit cards may be on their way out, as banks can no longer afford them, so it might not be a great way of deferring payment in the long term.
