Augusta University is Georgia's health sciences university and a national center for cyber security education. Home to the state’s only public academic medical center, Augusta’s world-class clinicians are bringing the medicine of tomorrow to patient care today. The university is comprised of nine colleges, including one of the nation's oldest medical schools, the Medical College of Georgia; the Hull College of Business; and the state's only dental school, the Dental College of Georgia.

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A lecturer of finance in the James M. Hull College of Business

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can-you-benefit-in-transferring-highinterest-credit-card-debt

Lecturer in the James M. Hull College of Business

 Photo credit: paulaveryevans  According to Lendingtree, Americans have over $1 trillion in credit card debt. The average
American has around $6,500 in credit card debt. When you factor in the high interest that credit
cards charge, it can be a daunting task to get the balance to zero.

Many cards offer 0% APR on balance transfers for certain length of times. But is it worth it if
you don’t plan on paying off the entire balance during the promotional period?

Wendy Habegger, PhD, senior lecturer in the James M. Hull College of Business, said you
need to be careful when taking advantage of such offers.

“The benefit one would get in this situation is short-lived,” said Habegger. “While one might enjoy no interest for the promo period, when that period is over, the interest rate they are charged could be more than the credit card from which they transferred. My recommendation is that if one does a balance transfer, then only do so if you are able to pay off the balance before the period ends.”  Some may think of doing a second balance transfer but Habegger said that it is not a good idea
and could have a negative impact on a person’s credit score. It also gives the appearance the
customer is at increased risk of default, which could trigger an even higher interest rate and
higher fees.

Not only may one incur higher rates, it could certainly impact their credit score, which can have
a long-lasting financial impact.

Even a large purchase on a 0% APR card will affect someone’s credit score.

“A large purchase indirectly impacts one’s credit score based on credit utilization,” she added. “If one uses more than 30% credit utilization, it could impact credit scores.”  Personal debt and credit are trending and important topics in America today - and if you're looking to know more, we can help.

Wendy Habegger is a respected finance expert available to offer advice on making the right money moves during volatile times. To arrange an interview, simply click on her icon now.





Can you benefit in transferring high-interest credit card debt?

expert-help-augusta-university-faculty-offers-financial-advice-for-college-students

 The world of finances isn't always an easy one for students to navigate.

Wendy Habegger, PhD, senior lecturer in the Hull College of Business, suggests several ways college students can improve their financial literacy, even after their collegiate career. Habegger said most don’t have a good grasp of what that is, despite being one of the most foundational building blocks to help students start off on the right foot.

“They should know their credit scores just as quickly as their GPA and they should protect it just as vigorously,” Habegger said.   She also suggests students have a credit card but with the caveat they use it wisely and be sure to pay their bills in a timely fashion. While they might like using cash, having a credit card will start to build a good credit history that they’ll likely need down the road.

“The sooner they get started, the better they are of having good credit when they leave (college),” she added.  When looking at their student loans, there are ways they can be better prepared when they start having to pay them back. During that deferral period, she suggests students really consider what a job may pay. Also, when selecting a payment plan for college loans, make sure it’s something they can make monthly payments on without any problems.

 She also said people need to think about public service jobs that may offer loan forgiveness or asking a potential employer about any loan forgiveness programs.

“Some employers out there will offer some sort of that. The military is a good career and they are happy to be help pay off your student loans. Other businesses may offer that as well. It can be a good perk on both sides of the table, for the company and student looking for a first time job.”  This is great advice and an important topic, so if you’re a reporter looking to know more, then let us help.

Wendy Habegger is a respected finance expert available to offer advice on making the right money moves during volatile times. To arrange an interview, simply click on her icon now.




Expert Help: Augusta University faculty offers financial advice for college students

what-does-joe-bidens-forgiveness-of-student-loans-mean-for-debt-relief

President Joe Biden has made progress on a campaign promise to provide relief for those burdened with student debt.

This plan offers targeted debt relief as part of a comprehensive effort to address the burden of growing college costs and make the student loan system more manageable for working families. The President is announcing that the Department of Education will:    Provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President’s campaign commitment. The Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action. To ensure a smooth transition to repayment and prevent unnecessary defaults, the pause on federal student loan repayment will be extended one final time through December 31, 2022. Borrowers should expect to resume payment in January 2023. -- White House Fact Sheet, Aug. 25   The announcement made big waves politically and news coverage is still heavy with reactions to the plan and just who it will benefit.

“For some students, they will be completely debt-free afterward," said Wendy Habegger, a lecturer of finance in the James M. Hull College of Business at Augusta University. "The majority are still not going to be debt-free but instead of you having to pay an extra year, it might cut your pay time down. What this is going to do is give you money to start doing some of the other things that you have put off. You can now focus on building up an emergency fund, building up a savings account. You can put it toward your retirement.”

 The announcement also includes extending the student loan pause a final time through Dec. 31, 2022. 

“One of the good things about this debt reduction and debt forgiveness is that the Biden administration is making some very firm attempts to go in and fix some of the payment programs that are broke. So when individuals have to start paying in January, they will be able to pay a reduced amount,” said Habegger.

“What’s not going to stop is the accrual of future debt. So we really need to look at the underlying problem and the costs of higher education and see if we can bring that down.”

This topic will require ongoing coverage, so if you’re a reporter looking to know more, then let us help.

Wendy Habegger is a respected finance expert available to offer advice on making the right money moves during volatile times. To arrange an interview, simply click on her icon now.



What does Joe Biden's forgiveness of student loans mean for debt relief?

Join us as we sit down with Morgan Davis, Student Wellness Coordinator, and Bryan Waller, our Intramural Sports Coordinator, to delve into the secrets of cultivating healthier habits in 2024. From fitness routines to mindful practices, discover practical tips for a holistic well-being journey. Additionally, we have an insightful conversation with Dr. Wendy Habegger, finance professor in Hull College of Business, who shares valuable insights on making sound money habits.

Learn more about Jags Live Well: https://www.augusta.edu/jagslivewell/

This video was produced and created by the corporate video team in Communications & Marketing at Augusta University.



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