Good financial health begins in college.

Students about to enroll in college this fall should takes steps now to cut spending and reduce their debts, laying a foundation for good financial health after graduation, maintains debt management consultant Tess Van Duvall, Emory University, Atlanta, Ga. Whether they are 18-year-old freshmen getting their first credit card or among the older people returning to campus, many students are starting college with an array of financial obligations, she notes. "Students need to realize they are entering a time of limited income and maximum expenditures, so cutting costs in lots of areas can only add to their financial well-being."

Van Duvall gives the following tips on how students can manage their finances better and avoid long-term debt during those early career years:

* Eliminate or reduce credit card balances before enrollment. "As a student with limited income, the last thing you need is to be paying past debts."

* If you have a credit card or student loans, learn how to read a credit report. "If there are errors on your credit report, they need to be corrected, because it can affect your credit rating and even keep you from getting lower interest rate loans." Many lending organizations are adopting a practice called "credit scoring," which judges each individual student borrower, instead of lumping all those from one university into the same financial lending category. With credit scoring...