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Oviedo, FL resident Julia Perez has been named the 2021 Financial Education PSA Scholarship winner. Julia is in her final year studying Diagnostic Medical Sonography at Advent Health University (AHU) in Orlando, FL.
Applicants for this scholarship were told to write a public service announcement (PSA) of 500 words maximum informing, engaging, and persuading a financial literacy topic to their peers.
Julia’s PSA, entitled “Adulting Hack$!” focused on the significance of good credit. “Without good credit, it can be very difficult to qualify for loans with decent interest rates,” she says.
Credit Cards Are Key for Getting Ahead
Credit cards and loans can help people get ahead in their finances, but only if they’re used responsibly, Julia stated in her PSA.
During tough times, a person’s savings may not be enough to cover unexpected expenses. Therefore, a personal loan or credit card may be an option.
The Significance of Good Credit
Getting approved and paying lower interest rates are far more likely with good credit. Julia says that this is crucial because purchasing a house, financing that dream car, and other of life’s “big moves” require a good credit score and bank approval.
Julia further discussed how credit scores impact interest rates in her PSA and that good credit could help consumers pay lower rates. This means that borrowed money will cost a lot less in the long run.
Additionally, how long an account has been open and how many are in use can also impact a person’s credit score. “You only need a few to do the trick,” she stated.
Credit Cards Are Not “Free Money”
Julia cautions her peers from thinking their credit cards are free money or overestimating how much of their card balance they can pay when the bill comes due. She stated in her PSA that “the key is to make sure you check your bank account first to see if you have the available funds.”
She says that cardholders should never purchase expensive items they know they’ll struggle to pay off on time. “One of the things that impacts your credit the most is on-time payments,” Julia stated. “Even if it’s a partial payment, it’s better than no payment at all.”
Tips to Paying on Time
Banks and other financial institutions reward cardholders that pay their accounts on time. “This is because it shows that you are a responsible person, and in general, everyone can appreciate getting paid back in a timely manner,” says Julia.
She says that a great way to make on-time payments is to set reminders on your phone. “Even if you have the money, life happens, and paying your credit card is the last thing on your mind.”
By not overspending and setting reminders to pay her card, Julia can stay on top of her finances amid a busy schedule packed with work and school.
What’s Next for Julia?
Julia earned a Summa Cum Laude distinction from Seminole State College and is scheduled to graduate from AHU in Spring 2022. She plans to use her skills and knowledge to help doctors assess and diagnose various conditions to “inevitably save lives.”
She says she is also interested in investing and helping her friends and those around her who may experience a financial crisis.
About High Rise Financial Education PSA Scholarship
High Rise Financial provides good people with the funds they need to cover their living expenses throughout the personal injury claims process. And though having a good credit score doesn’t matter when applying for pre-settlement funding, it does matter when applying for a traditional loan or credit card.
High Rise Financial is happy to witness young people like Julia Perez taking an interest in their financial education. This is why we are honored to award Julia the inaugural $1,500 Financial Education PSA Scholarship.