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The new article highlights the top most common money-related errors that young people in their twenties make, in a bid to help steer their finances in the right direction
CHICAGO, September 19, 2013 /PRNewswire/ --
LoansForPoorCredit.net, the McAfee Secure rated personal finance website, has published a new article that shows the top "fiscal fiascos" caused by young people within the 20 - 29 age bracket. The site is building a library of articles aimed at the very specific finances of young people and includes fun infographics within the articles to zoom in on key tips to help avoid financial disaster at a young age.
The article earmarks four common problem areas for young people financially and gives advice on how to avoid the pitfalls of establishing a poor credit rating so early on. A spokesperson for LoansForPoorCredit.net made the announcement in the following statement that was released to the press.
"We really hope to hit home with our new article in twenty-somethings' financial mistakes the importance of financial responsibility from the get-go. A good, solid credit score is the holy grail for things like mortgages and lower interest rates. Being financially smart in the early years of your credit history makes the best rates totally accessible. We hope young consumers read the article and find the advice practical and relevant for their circumstances."
According to the article, the top 4 money-mistakes made by American twenty-somethings are:
Mistake Number 1 - Moving jobs often without making retirement contributions: It is normal to establish your career within your twenties, which might mean staying in a few positions for less than a couple of years at a time. Make these years count even more by making pension contributions from them all.
Mistake Number 2 - Failing to take advantage of loan consolidation: Consolidating student loans or personal loans in your twenties can help reduce interest repayments by a massive amount. Not doing this means more interest, bigger repayments and the potential for missed payments.
Mistake Number 3 - Skipping repayments: One of the most damaging blows to a credit score is a litany of missed loan repayments. Prioritize your debt repayments with an eye on the future.
Mistake Number 4 - Over-use of credit cards: Twenty-somethings should be frugal where possible and not over-abuse plastic. Use it for small purchases and repay the balance monthly.
Read the article at: http://www.loansforpoorcredit.net/20s-money-mistakes
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