Aggielife
Page 3 • Monday, April 5, 1999
Spend Now, Pay Later
145 to 75
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rider standing bad credit key to controlling debt, avoiding financial woes
BY MICHELLE MCNEELY
The Battalion
to live long:
to take tte
se.
ate-night phone calls from credit-card companies threatening to take
away prized possessions, credit cards being rejected by the store
clerk and letters of complaint asking for money: if these scenarios
familiar, it is time to wipe the slate clean and discover the benefits
)®ood credit.
The number one cause of bad credit is the late payment. Other caus-
UBfbad credit include delinquent charges and charge-offs — debts that
“Spmtua companies finally stopped trying to collect.
-and Prose lh at nothing is free. Charge-offs are extremely detrimental to a
1271 for •reil t: record and are fatal to loan applications.
iBZredit reports can help students monitor their credit. There are three
HHjor credit reporting services that students can call to check their cred-
here willt-A Status: Equifax (800-685-1111), Esperian (800-682-7654) and Trans
; U9C J I on (800-916-8800).
l-8280fe® t costs $10 to obtain a credit report, but for those who have been de
nied credit in the past 60 days, its free. Credit reports contain informa-
:ioi such as occupation, annual salary, student loans, balances in cred-
t and loan accounts and the number of late payments made to creditors
■Creditors include not only credit-card companies but also banks, cred-
t unions and any other lender — including Texas A&M.
Iff ^BfW^ggy Carey, supervisor of Financial Services at TAMU said credit re
ports are extremely valuable.
jupcnAY “When trying to buy a house or car, companies use credit reports to
I'itoUA letermine if a person is going to pay them off,” Carey said.
■Showcase j s ver y important for students to talk to their creditors if they are un
casing jbi e to make payments on time. Believe it or not, creditors want to help,
-villbetie yiost are willing to set up payment schedules that are feasible for both
= located parties.
■yn at 7/&C •■Carey said the main thing students should know is to not ignore pay-
mem.
■“We try to help students in any way we can, but we can’t help them
Vomen Enpf they do not call,” Carey said.
a genera "A jCreditors will take what they can get, so it is unnecessary to feel un-
:p.m. comfortable when talking with them. Students should simply explain
gman a: problems to their creditors and set up a reasonable amount of money they
nation ian pay out each month.
nanity: •; •
setingi#®*
Gay Awareness Week
April 5-8, 1999
lub: There
officer elei
r
COUfT
June i
Wednesday, 4/7 - “Hate Crimes”
Gender Issues Education Services
Rudder 601,7pm
Thursday, 4/8 - “Gay & Greek”
GLBTA, Governance Room, 7pm
Friday, 4/9 - “ALLY rALLY,
March on TAMU”
ALLIES, Rudder Fountain, Noon
: or more information please contact Gender Issues
Education Services at 845-1107
n
/ISITY
Editor
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-jio produ# 1
Cariiio G
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■,r Van Serf ^
USiUMl W
A One-Day Conference
Sponsored by the TAMU Navigator Ministry
Battalion
ng SUHW# 1
Speaker: Jerry Bridges
Author of several books including
The Pursuit of Holiness. The Practice of
odliness. Trusting God. Transforming Grace.
he Discipline of Grace. The Crisis of Caring,
and The Jov of Fearing God
WHEN:
aturday, April lOth, at Rudder Tower on the
A&?M Campus. Registration opens at 8:00 a.m.
sM on Level 2; Meetings are from 8:30 a.m. to
5:15 p.m., in Room 601
TOTAL COST:
Registration $ 10 ea. at the door
Carey said there are some myths that need to be corrected about pay
ing off late charges.
“Students think if they make a payment for the entire amount they
owe, then we can take the charges off their record. The charges must stay
on their record for seven years,” she said. “It is illegal for creditors to
delete anything on their account except for mistakes.”
The good news is that it is still possible for students to obtain credit
even if their previous record is blemished. The bad news is that their in
terest rates are usually higher.
Carey said credit-card companies can usually distinguish good credit
from bad credit.
“People with the best credit get to shop around, find different levels
of interest and receive the best rate,” Carey said. “While people with bad
credit have to take what they can get.”
The number two myth is that paying off the minimum balance each
month is a good thing. Carey said students get in a rut when paying only
the minimum balance.
“It will take years to pay off your balance if all you are doing is pay
ing the minimum amount due because all you are doing is paying off in
terest,” she said.
For example, by paying the minimum amount each month on a $3,000
charge with an 18-percent interest rate, it would take eight years and
$5,690 to pay off the balance. That is an extra $2,680.
Eric Tyson, author of Personal Finance For Dummies, says one answer
is to investigate is lower-interest-rate credit cards.
“Here’s one of the few times in your life when you want to be below
average,” says Tyson. “Until you get your debt paid off, make it more dif
ficult for your debt to grow. Once you are approved for a lower-interest-
rate card, you can simply transfer your outstanding balances from your
higher-rate card.”
For those who think emergencies include buying new threads for a
blind date on Thursday night or purchasing the new Britney Spears al
bum, help is soon on the way.
Debt Management will be a new organization on campus to help stu
dents deal with their credit problems.
Carey said the debt council will explain to students how to pay their
creditors on time and the effects of bad credit now and in the future.
“If students are having credit problems or need help making a bud
get, we will help them find solutions to get their finances under control,”
Free Food!
Rowe^ ^
BBQ/V
ckv Students .
100 Lucky Students
Will Be Selected To
Have Free BBQ
At The President’s
Home With
Ray and
Sally
Bowen
Entertainment A
by
ampus Group
WA'
Thursday,
April 15, 1999,
6:30 p.m.
(Rain site: Clayton Williams Alumni Center)
► """" """" mmm m " m ™ amm
Students sign up at:
http://rev.tamu.edu/freebbq
Registration deadline: April 8, 1999
For more info call
the Office of University Relations 845-4642
Winners will be notified via e-mail or phone April 9
Avrm 6 (S)& ?
Class of 2000 Week
Nintendo 64 A “ Chil iV’ Night 6-9
James Bond-a-thon A 4 AT J Wear 2000 T-shirt
*2 P er entrant Preliminaries IVlOnaay Free awesome blossom
10:30-l:30pm Rudder 410 per table with entree
7:30-9:30pm Rudder 601
James Bond-a-thon
Finals
MSC Breezeway 11-1
Cash Prizes
Tuesday
Baseball Game/Tailgate Party
Left Field @ 7:00
Only*l per plate!
Silver Taps—9:45 Cain Eagle
Carnival Day 10-3pm
Rudder Area WT J -I
free Food! Wediiesclay
FREE Prizes!
Wolf Pen
Bowling 8pm
FREE Cookies!
11-lpm
Rudder Area
Thursday
Karaoke at
Chelsea’s Street Pub at 9pm
Epicenter 11pm
FREE BBQ
4-6pm
Research Park
Friday
A
f 5th -
Come join us and show
your Aggie Spirit!
Whoop!
'ik April
Bth
Carey said.
Heather Lowrey, a junior business major, said students should think
twice before using their credit cards.
“It’s very stressful being in debt,” she said. “After paying off my
credit cards and cutting up the rest, I feel a huge weight has been lift
ed of my shoulders try to resist the urge because you’ll pay for it lat
er, literally. ”
MIKE FUENTES/Tm: Battalion
NOW HIRING TOUR GUIDES
for the AGGIELAND VISITOR CENTER
FIRST FLOOR, RUDDER TOWER
Applications available & accepted
April 5-9
for more details, call 845-5851
Your backpacking &
travel gear store!
Traveling overseas this summer?
Endless Journey
By
1406 Texas Ave. South
Redmond Terrace Shopping Center
College Station, Texas
695-2807
burdett@txcyber.com
Converts from luggage to backpack
Retachable daypack and fannypack
6100 cubic inch capacity
Lifetime warranty
The Biotech Century
Biotechnology: Natural Linkages between Agriculture and Medicine
As a new millennium dawns, the biotechnology field is growing
in order to meet the needs of the increasing human population.
Wed., April 7, 1999
7 p.m.
MSC 292B
Featuring:
Dr. Fuller Bazer,
Director of the Institute of Biosciences and Technology
Texas A&M University Health Science Center
Discussing:
The historical efforts of humans to use biotechnology to ensure that they
had an abundant supply of food and how those technologies have
benefited human and animal health in the past and the high
expectations for even greater breakthroughs in the future.
Presented: By
/MSC GREAT ISSUE
6- For special needs please call 845-1515