The Student News Site of Tarrant County College

The Collegian

The Student News Site of Tarrant County College

The Collegian

The Student News Site of Tarrant County College

The Collegian

NE Students Advised to Establish Good Credit

By Josh West/reporter

Business assistant professor Randy Saleh presented a seminar Feb. 10 on NE Campus about establishing a good credit score and eliminating some debt out of one’s life.

“It’s becoming a national problem,” he said.

Saleh said the student debt has become a national issue for the first time in history. In 2003, student debt totaled $300 billion.

“How much student debt is in America? It will be $1.4 trillion by the end of the year,” he said.

The average American family will have a sum of $1,500 dollars in the bank while the average Japanese family will have $20,000 or more in the bank, Saleh said. Seventy percent of Americans are one month away from a financial disaster.

”Seventy percent of Americans spend less than 20 minutes per month on their personal finance,” he said.

In the 1970s and 1980s, the establishment of credit became a phenomena that gave people the ability to pay with credit cards instead of cash, Saleh said.

“Credit scores range from a 300 to a perfect score of 850, but most Americans are at just a fair score of a 678,” he said.

Interest rates go up every year raising initial debt, especially when credit scores are low.

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