Rise in college student debt shows growing need for financial awareness
SANTA MONICA, Calif.--(COLLEGIATE PRESSWIRE)--Aug 27, 2002--LowerMyBills, the online authority for lowering the cost of daily living, is addressing college students’ need for education in financial responsibility. By utilizing LowerMyBills services, college students and their parents can easily compare credit card rates and benefits to make better choices and build a solid credit history.
According to a study from the primary student loan agency Nellie Mae, the average credit card debt held by college students increased 46% from $1,879 in 1998 to $2,748 in 2000. The number of college students with credit cards increased from 67% to 78% over the same time span.
“Credit cards companies specifically target college students because so many are living on their own for the first time,” said Matt Coffin, founder and chief executive officer of LowerMyBills. ''The repercussions of not taking financial responsibility from the start can lead to debt and further problems down the road when trying to get approved for a loan to buy a car, or even trying to get an apartment.”
LowerMyBills is a free online service that allows consumers to easily research, compare and instantly lower all of their monthly bills. The site offers a vast choice of telecommunications companies (long distance, cellular and internet access) that offer discounted rates, plus brand names and hard to find, Internet-only plans with no monthly or minimum fees. All the information is presented in a format where the savings and details of each plan are easy to calculate and understand.
In addition, LowerMyBills is offering the following tips for taking an informed approach when shopping for a credit card and building credit history:
* Compare APR rates when choosing a credit card
* Limit yourself to one credit card with a moderate limit
* Pay off balance every month to establish good credit and avoid accumulating debt
* Choose cards with rewards such as airline miles benefits which will cut down on future traveling costs
* Pay bills on time to avoid “late fees”
About LowerMyBills
LowerMyBills (www.LowerMyBills.com) is the online authority for lowering the cost of daily living. This one-stop destination enables consumers to quickly and easily research, compare and instantly lower their monthly bills all at one site...for free. LowerMyBills offers savings via more than 100 service providers, and across 14 categories, including long distance, credit cards, insurance and debt reduction. To date, LowerMyBills has helped more than 400,000 American consumers save more than $133 million. LowerMyBills has recently been featured in Yahoo! Internet Life, Wall Street Journal, Playboy and USA Today. LowerMyBills is a privately held company based in Los Angeles, with investors that include St. Paul Venture Capital; David Bohnett, founder of Geocities; Bill Harris, former CEO of Intuit; eCompanies-Evercore Venture Management; and eCompanies Venture Group.
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