Frank Money here – your very effective money detective….
If you have excessive debt, you should take a deep breath and realize you do have options.
Millennials in general have the lowest credit score and most problems managing their debt, compared to prior generations. But the good news is you have the lowest number of credit cards and lowest debt total compared to other generations.
However, the bad news is that you use credit cards a lot, and make a lot of late payments. Late payments mean lower credit scores.
Additionally, millennials tend to use costly alternative financial services, such as auto title loans, payday loans, pawnshops, rent-to-own loans and tax-refund advances.
Here are some steps you can do to help you get control of excessive debt:
1 – For credit cards, get a lower credit card interest rate as soon as you can – Call up your credit card company and ask for a lower rate.
2 – If you can’t make the minimum payments on time, call your credit card company and work out a payment plan.
3 – Allocate a larger portion of your income to reduce debt. This will be painful, but over time it will work.
4 – Limit your spending. If you don;t have a budget plan in place, now is the time. Limit your spending to only the essentials, and make paying off your debt the number one priority.
5 – Motivate yourself. Reach out to friends or relatives who have been through similar problems. This is a process, and it helps to have support during those low times.
Need more help? Then why not reach out to the NFCC (NationalFoundation for Credit Counseling – the nations largest and longest-serving non-profit financial counseling organization.
So don’t fret the debt – instead take some steps to help yourself and sleep easier.
April is National Financial Literacy Month, Detective Frank Money’s favorite month! To celebrate the importance of being financially literate, Detective Money is going to post financial literacy tips every day.
If you attended high school in the late nineties and early aughts, it's likely that you used the family computer in the den to type up your essays or do research. It's also likely that much of your time "doing research" was actually tooling around on AOL with an open Microsoft Word window so if your parents walked in you could smoothly play it off like you were truly doing work.
The more things change, the more they stay the same.
EssayTyper is a site that allows you to plug in virtually any subject, then brings you to a Word-style webpage where you can write your essay. But you don't have to "write" anything. Not technically. Just bang on the keyboard and words appear.
Go ahead, try it. I used "economics" then pressed that button on the right.
Immediately, a paper appears.
The title is prewritten: "Innovative or Simply Post-Modern?"
And then, some computer magic.
Just start banging on keys.
Bang on the home keys, bang on the number keys. Press enter! Press delete! What will they think of next?
And here's a look at what's happening on the screen:
It's very fun, but we wondered if students were actually trying to pass off these generated papers as their own.
See, the first sentences of "Truly Jobs" (all EssayTyper papers are pre-titled) reads as follows:
Steven Paul "Steve" Jobs was an American pioneer of the personal computer revolution of the 1970s. He would come to be known as the entreprenur, marketer, and inventor, and cofounder, chairman, and finally CEO of Apple Inc. who transformed "one industry after another, from computers and smartphones to music and movies.
And a quick search proved it was just a rewrite of Jobs' Wikipedia page. So was our EssayTyper paper on Business Insider, and "Mad Men."
In 2012, The Atlantic published "Write My Essay, Please!" uncovering the truth behind sites similar to EssayTyper and the people who use them.
"Essay writing has become a cottage industry premised on systematic flaunting of the most basic aims of higher education," Richard Gunderman explains in the Atlantic piece. "The very fact that such services exist reflects a deep and widespread misunderstanding of why colleges and universities ask students to write essays in the first place."
While EssayTyper is free, and pretty useful for fooling your parents into thinking you're actually sitting on the computer and doing legitimate work, Gunderman says the bevvy of sites out there that appoint real people to write term papers for students is alarming. And, he points out, paying someone to write an essay for you isn't technically plagiarism.
"In this case, assuming the essay-writing services are actually providing brand-new essays, no one else's work is being stolen without consent," Gunderman writes. "It is being purchased. Nevertheless, the work is being used without attribution, and the students are claiming credit for work they never did. In short, the students are cheating, not learning."
A quick Google search for "how to find out if student is plagiarizing" serves up tons of tips and tricks for exhausted teachers and parents. A site called PlagTracker lets you type in a phrase or sentence to run against the rest of the internet. I copied and pasted the first sentence of "my" Steve Jobs essay.
The process took about twenty seconds (and PlagTracker offered to speed it up if I paid.) Here were the results.
My content was "81% plagerized from 5 sources," but none of those sources were listed as Wikipedia.
Brooklyn Friends School teacher Kathleen Clinchy agrees that while technology has made it easier to cheat, it's now a lot harder to definitively catch a cheater. She says resorting to old-school interrogation is the way to go.
In an email to Business Insider, Clinchy tells us:
It gets a little tricky because you don't want to accuse a student of cheating, so being able to have a conversation with strategic questioning is a good skill to have as a teacher. In younger grades, like middle school, you can get the parent involved and just ask them to revise the work together (AKA make sure your child stops cheating), but high school is a little murkier.
You also need to watch for students copying or plagiarizing each other too — that's where you just give the kids their papers back together with highlighted similar sentences and just stare at them until they talk.
But Bay Gross, founder of EssayTyper, has made sure to caveat his service to take any potential blame off of himself and the site. "Please don't ever try to use this legitimately," he says on the site. "The magic part is not real ... and that's plagiarism."