By Michael Foster-Sanders
Credit scores are important if students want to consider buying a house or making other major purchases, a financial advisor said on NE Campus March 8.
Don’t Let Your Money Manage You informed students about becoming financially stable and independent.
Brian Hayes of Branch Banking and Trust Company spoke about financial matters such as budgeting, saving, credit/credit report basics, borrowing and preparing for home ownership.
“As a college student, you have to get into the habit of paying yourself first out of your income so you can build you a nest egg for life’s unexpected emergencies or having it to have options on spending money wisely,” he said.
Hayes also gave insight about why credit is important throughout life. It is a judge of character when doing business with companies.
“If you have a bad credit history, then you’re not in any position to bargain or make demands when it comes to interest rates,” he said. “Your credit history shows that you’re not a reliable person when it comes to borrowing and paying on time.”
Students were taught the importance of interest rates because having an excellent one can save thousands of dollars in a lifetime. Hayes gave purchasing a new car as an example.
“A low interest rate is the difference between paying $2,000 in interest on a car that cost $26,000, which makes the price $28,000, or having a high interest rate and paying an additional $14,000 in a longer term,” he said.
NE student Michael Foster found the session helpful.
“I learned a lot from this presentation from using your credit cards wisely, home ownership and being diverse with your money for the future,” he said. “I was financially illiterate about these things.”
