FinMan Credit Caution Tips for Students

COOL IT ON THE CREDIT

It's me, FinMan, checking in to see what's up. I just got back from hangin' with my buddies at the dining hall, and there was a bunch of credit card companies offering free gifts to students who apply for their cards. Man, you should've seen how easy they were making it to get one of those cards! But let me tell you, there's nothin' easy about paying off credit card debt once you're in over your head.

At first a credit card may seem like a great way to buy now and pay later -- especially with the holidays right around the corner. But listen, spending money you don't have now and won't have in time to pay the bill at the end of the month can be one big mistake.

Check it out... if you buy a bunch of stuff totalling $1,000 on a credit card that charges 20.9% interest and you pay only the required minimum payment of $20 per month, it'll take
19 years to pay it off! And you will have paid back almost triple what you charged! Don't believe me? Well, surf on over to the debt calculator at www.genus.org and see for yourself.

Instead of getting trapped into the credit jam over the holidays, why not think of gift alternatives that mean more and cost less... you and your wallet will be breathing a lot easier come January. Click here for some cool gift-giving ideas.

Good luck on exams!

Later,

P.S. To see more FinMan tips, check out my home page!

ENTER a drawing to win an AT&T calling card with free minutes! Send a response e-mail by December 7, 2001 to finman@nelliemae.com and provide the following information: your name, your school's name, campus mailing address, campus e-mail address, and campus telephone number. All responses will be entered into a drawing and winners will be randomly selected.

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