Counselor explains debts
by Eric Hooke, reporter

    Students who track expenses can alleviate economic distress, a counselor told seminar attendees last week on South Campus.

    Sherry Suman, an instructor and consumer credit counselor on NE Campus, presented Show Me the Money as part of Survival Workshops, sponsored by the South Campus counseling center.

    “Teenage spending market has the highest amount of spending dollars than any other,” she said.

    Delinquencies on credit reports can occur at age 14, Suman said.
Individuals must read fine print before signing contracts that reflect spending and interest rates.

    “Credit history is the most comprehensive picture of you; employers look at stability,” she said.

    Suman said college students should pay credit card balances in full each month before the debt causes major problems.

    “Credit card debt is the number one reason why college kids drop out,” she said.

    Before making large purchases such as cars or houses, people should request a copy of credit reports, Suman pointed out.

    “Have a plan. Students don’t plan to fail; they fail to plan,” she said.

    Suman advised those in attendance to keep inquiries for credit or purchase information to a minimum.

    A credit history will indicate the number of times someone has applied for credit and been denied.

    “Do not give car dealerships your name or driver’s license number until you are ready to buy a car,” she said.

    Security is an important reason for students to be aware of credit fraud, Suman said.

    “Don’t give out information over the phone unless you made the phone call,” she said.

    One student attending the seminar asked Suman about the credibility of rent-to-own companies’ promise of 0 percent interest until 2002.

    Suman pointed out that the student would wind up paying an excessively larger amount because of the higher interest rates after the “free” period.

    Suman advises students to check for accuracy regarding their credit reports such as name-spelling, address and credit bureau inquiries.

    If they find any discrepancies, they should take care of the matter themselves.

    “Don’t pay any one to fix your credit,” she said.
Suman passed out budget worksheet packets at the end of the seminar as well as information on companies that process credit reports.

    Suman told students that Nece Thomas, a consumer credit counselor, is available every second Tuesday and Thursday on South Campus.

    For more information, contact counseling at 817-515-4558.