What is the best way to avoid incurring debt?

My son is in college. I want to know, what is the best way to avoid incurring debts during college days? I don\'t him to ruin his credit.

3 Answers

Attraction of modern amenities and high cost of education often push students to opt for student loans. Students are usually not aware of the consequences carrying an unpaid debt. They don't think too much even while applying  for a loan.

Make your son aware of the consequences of mishandling a credit card. Explain to him the need to pay consistently towards his loan. Preparing a budget will certainly help him set the priorities in his student life.



Good to know that you are conscious about your son’s future life. You can tell your son to make a student budget and use his credit card in a responsible way so that it will help him to build and maintain a good credit history for the rest of his life. You can also guide him to avoid making unnecessary purchase.

 


The best way to avoid incurring debt in college will be to pay the bills on time. Ask your son to use credit cards resposibly. Tell him to not exhaust credit limit in any way.


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