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MacFarlane tells students to be familiar with “good” debt like using a student loan to advance your education, versus “bad” debt such as borrowing money for most things that is going to decline in value quickly. For example, borrowing money to get a car is known as bad debt. Although it’s essential for many people, MacFarlane challenges students to inquire about themselves, “Do I really need a high-end vehicle? Or is a lower priced vehicle similar in results? MarFarlane also advises students get accustomed to borrowing less than possible.



She warns students that banks will loan individuals more cash than they truly need, but this doesn’t signify you should wait all. Some options to incurring debt include getting scholarships, awards and bursaries, doing part-time work, taking longer to complete your degree, or performing a co-op program.



Credit cards: MacFarlane says that which has a credit card is fantastic, provided that you’re smart about this. 2,000, make an effort to utilize only a small amount of that as you possibly can, because also influences your credit track record. Some websites where you can check your credit standing are Mogo and Credit Karma. MacFarlane also warns students to prevent the temptation of employing your plastic card to make big-ticket purchases which are beyond your means, for example travel. Protecting your identity: Lastly, MacFarlane speaks from experience concerning the importance of monitoring your credit.



“I was guilty, like many of people, I never concered about my credit score, I never monitored it. I mostly paid my bills by the due date, and I assumed my credit ranking was decent. Imagine my surprise when I experimented with open a new charge card and I got denied. I was like, what?