Keep your receipts forever

50 years after an Arizona man borrowed $2500 to pay three student loans following his discharge from the US Navy, he received a collection notice requesting an immediate payment of nearly $1900 in interest charges, late dues and penalties. Unfortunately he did not keep any receipts of the transaction, so he is now involved in negotiations with the agency since their records show account balance of zero, yet they demand the late fee and interest charges accrued. A warning to you all student loans borrowers, check your credit score regularly to make sure that a debt collector is not hiding in your kitchen cabinet drawer.

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