As an experienced bankruptcy attorney in the Denver metro area, I have helped young and old people overcome the burden of debt. Whether they filed Chapter 7 or Chapter 13 bankruptcy, people get relief from the harassment of collection calls, worry over paying the bills, and strain from wage garnishment. This freedom from debt is priceless. I always sit and talk with my clients about how they accumulated their debt during their first free consultation in Centennial. In many cases, the path toward debt began immediately after graduation. Paying school loans and trying to find a job can be difficult. This month, thousands of students are graduating from the Colorado School of Mines, the University of Denver, and Metropolitan State University of Denver. Here are my 3 top tips for financial success after college:
1. Student Loans Are Top Priority
You just graduated from college and you’re trying to find a job in Littleton, Aurora, or Highlands Ranch. The good news is that employers are planning to hire almost 9% more new graduates in 2014 than they did last year (according to the National Association of Colleges and Employers). The bad news is you have a lot of debt to pay off. According to the Institute for College Access and Success, 71% of graduates of four-year colleges were saddled with an average debt load of $29,400. My advice? Make paying off your student loans a top priority. Once you get a job, you’ll be making more than you are used to. Don’t get carried away and spend it on fun stuff – focus first on paying back your debts and you’ll be setting yourself up for a brighter future.
2. Establish Credit Wisely
Work on building up your credit now so that you’ll be prepared for the future. And, protect it as well. The biggest targets for identification (identity) theft are college students, because they have substantial online profiles which are easy to access and duplicate (never list your birthdate online). Pay your bills on time and establish good credit. You’ll set yourself up for the future and avoid enormous late fees.
3. Don’t Spend More than You Make
Put simply, this simply means you need to live within your means. If you are able, spend less than you make and put the rest into savings. If you get a raise, don’t raise your cost of living. Instead, live frugally now and put the extra money in a 401(k) plan for the future (if your employer has a program, be sure to take advantage of it!). One of the best ways to save money is through a payroll deduction – this means a portion of your paycheck will automatically go into savings each month.
If You Are Overwhelmed by Debt, Bankruptcy is the Best Option
Student loans are overwhelming. This is one of the biggest reasons people fall into debt. So, if you can’t make ends meet, don’t hesitate to contact me for a free consultation. While student loans aren’t dischargeable, bankruptcy can help alleviate pressure from other areas of your life so you can catch up on payments. Don’t let the cost of education keep you down. Millions of Americans are struggling with debt and filing for bankruptcy is a legitimate option which will set you up for a brighter future. Don’t waste those four years of hard work and study: Contact me to discuss how filing for bankruptcy in Englewood, Lone Tree, and Parker can give you a bright financial future.
If you are a college graduate and are struggling to make ends meet in Greenwood Village, don’t hesitate. Call now to request your free initial consultation with Barry Arrington, a trustworthy and understanding bankruptcy attorney at 303-205-7870 or submit the “Get Help Now” form to begin your journey toward financial freedom.
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