Got student debt? How your credit affects more than just borrowing power
(BPT) - If you’re a recent college graduate, chances are you left school with more than just a diploma. You’re probably carrying debt, as well. You may already know how debt affects your future borrowing power, but it’s important to also understand how credit impacts other areas of your financial life, as well – such as how easily you’ll be able to rent an apartment when you leave home.
Average student loan debt for the class of 2011 was $26,600, according to the Project on Student Debt at the Institute for College Access & Success. You may also have credit card balances and an automobile loan that all affect your credit record. How you use credit and how much debt you carry will affect many aspects of your life, both financial and personal.
Here’s what recent graduates should know about the impact of credit:
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