News

Quick Tips from Mellody Hobson

ByGood Morning America

April 15, 2010, 8:04 PM

 -- "GMA" financial contributor Mellody Hobson says there are three easy ways for college kids to save big and ensure a bright financial future (CLICK HERE to watch):

1. Make sure you have only one credit card.

2. Pick a bank with low fees.

3. Avoid the campus book store, and buy your text books online.

CLICK HERE for more of Mellody's money advice for college students.

Advice About Purchasing or Leasing a Car

When deciding whether to buy or lease a car, Hobson says the most important factor is how long you intend to drive it for. If you plan to drive the car for five years or more, it makes more sense to purchase the car.

If you decide to lease, here's what you should look out for:

CLICK HERE for Mellody's advice on avoiding car loan debt.

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When deciding whether to buy or lease a car, Hobson says the most important factor is how long you intend to drive it for. If you plan to drive the car for five years or more, it makes more sense to purchase the car.

If you decide to lease, here's what you should look out for:

Know how long the lease is for and the maximum amount of mileage you get.

Find out about any kind of special perks the dealer will give you.

Ask about early termination. What happens if you turn the car in early? Sometimes those costs can be quite high.

CLICK HERE for Mellody's advice on avoiding car loan debt.

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