Applicant #34: Steven Chinnock

Steven Chinnock is a 23-year-old from St. Louis.

Steven's video application:

Steven online:

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Steven's current situation:

Graduated from Truman State University with a degree in journalism and political science. Got a 9-5... really a 6:30-3:15 to pay the bills and save for grad school. I currently live in the Central West End and I am look forward to guiding you through the murky waters of adult finances.

Steven's blog post:

Last week while spending another endless summer day performing the grunt work usually reserved for the likes of pack animals and Turkish prisoners at my first post-colligate job my boss asked if I would be enrolling in the company's 401k savings plan. It seems like everyone is harking on about saving for the future these days. Usually it is from the sort a chap who at sight of his growing bald patch has decided to compensate by growing more, in what can only be compared in uniformity and randomness to a Piet Mondrian painting, all about his face. But to be honest it wouldn’t matter if the message was coming from Scarlett Johansson in full S.H.I.E.L.D catsuit. Saving doesn't really fit into my lifestyle. When you're twenty-three life is all about experiences. And in a modern world with 3D movies and downloadable apps, experiences don't come cheap. So when you're in college and broke the idea of having and using credit is very tempting. I remember getting my first card. It was awfully exciting. It's a lot like losing your virginity…like you've uncovered a treasure trove of possibilities. "Yes I'll have some more of this." Spring break at the beach, endless rounds for all my friends, and new clothes...I think I’ll have it all.

However, there are a few problems associated with using credit especially when your income hovers dangerously above minimum wage. First time credit cards come with high APR's. So if you're 19 and the card has your name on it you're likely paying 20 to 30 percent in interest fees. That means if you make just minimum payments on a $1,000 balance by time you're about fifty-two million billion years old you will be free and clear. And I shall be dead by then.

If you do have significant credit card debt and contemplating joining a convent or the Marines to escape it; fear not there are effective ways to become free of debt while you're still young. These include:

1. Do a one-time balance transfer. Some financial institutions such as credit unions offer credit cards with relatively low interest rates and allow a free one- time balance transfer from another card. With a lower APR, more of your monthly payments go towards paying off your principle balance.
2. Renegotiate terms with your creditors. Contact your creditors and ask for a new, lower repayment schedule. You could be surprised by their reaction, especially if this the first time you've gotten into real trouble. 
3. Ask Granny for a loan. Grandparents, especially those that can remember the Great Depression have likely spent the better part of fifty years scrimping and saving...so they're probably loaded. They also love you and won't charge interest.
4. Stop Spending. Pay more than the minimum balance. And for god’s sake make a budget, and stick to it.

Steven