Financial Advice For New Grads

It's easy for new graduates to fall into debt if they have limited financial knowledge. However, arming young people with this information can help them avoid needing debt relief later in life.

One important piece of advice is to not share personal data, the Federal Trade Commission said. Millions of Americans have been the victims of identity theft over the past five years. With credit card, Social Security and password information, criminals can easily run up a large debt in another person's name.

Young consumers should also learn to understand credit, the FTC said. Requesting a copy of their credit report can show them the number of ways their financial risk is considered. These documents contain information about payment history, number of credit lines open, and loans given.

Another piece of advice is for consumers to put themselves on the National Do Not Call Registry, the FTC said. Telemarketers try to get personal financial information over the phone, which is highly risky. This can reduce the likelihood of identity theft.

If consumers suspect they are the victim of identity theft, they should request a copy of their credit report and statements from all credit lines to see that account activity matches up with their own.