Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

How college grads can tackle debt

Many residents of Wisconsin who graduate from college do so with an enormous amount of debt. According to Fidelity, 70 percent of people who graduate nationally in the year 2013 have an average of $35,200 of debt. Additionally, in spite of the fact that the cost of college loans has gotten a lot of attention recently, 50 percent of the 2013 class who have student loans are surprised by how much debt they have accumulated.

In addition to student loans, many young people also have a sizable amount of credit card debt, and it is important that they have a plan of action for paying off these loans. Two ways that recent graduates can help keep their debt under control are to create a budget and prioritize their debts. Creating a budget can help young adults manage their money and ensure that they are living within their means while still making progress on eliminating their debt.

It is also a good idea for recent graduates to focus on certain loans instead of simply paying the minimum balance to creditors. There are two schools of thought on this matter. One way to handle debt is to tackle the smallest debts first so that people feel they are making progress. Once smaller loans are paid off, funds can be diverted to the next largest loan. The other idea is to go after loans with the highest interest rates. This can help reduce the total amount people have to pay to get out of debt.

If people are in deep enough debt, they may not realistically be able to pay back their creditors. In this case, a lawyer could help them understand how filing for bankruptcy could help them get back on their feet.

Source: Fox Business, "How grads should prioritize their debt repayment", Emily Driscoll, July 15, 2013

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6333 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.