College credit card debt is truly a widespread problem among American university students. It is unfortunate that the youth of today do not realize that if left unattended, the debt they have accumulated in the college years will haunt them for so many years long after graduation.
If you are one of them, know that there are many steps you can take in eliminating your college credit card debt.
Here are just some of them
1. The first thing you should do is to avoid further use of your credit cards. Better yet, destroy those plastic cards to eliminate all temptations. This is the major cause of college credit card debt in the first place. The only way to avoid this is not to have them on you at all.
2. If you have more than one credit card to your name, consolidate it into one credit company. Choose which company offers the lowest interest rates. Try to do the math on all the interests accumulated by each of your credit cards. Not all of them for sure offer the same rates. You will be surprised on how much interest alone you are paying monthly. Imagine what you could have saved if only you have used cash in purchasing anything for the past years. You could have started being off your college loan by now and college credit card debt would not even be a problem.
3. In the event that you cannot consolidate your credit cards for one reason or the other, it is time to get your organizational skills out of the closet and start planning for the best way to eliminate your college credit card debt efficiently. Get all of your credit card bills and statements recorded in a spreadsheet. Check which of them has the highest interest rate. It is advisable that you prioritize this account. Of course, you have to come up with a way to pay the minimum requirement on each one. However, with those that have the highest APR or annual percentage rate and interest rates, you would want to pay over the minimum requirement. You would be surprised that in addition of $3-10 a month will help eliminate your debt so much faster than just paying the minimum amount payable.
4. Finally, it would be unwise to get another loan to pay for your existing college credit card debt. Avoid doing so at all cost. Find the cash elsewhere. Take on a part-time job and most importantly, cut down on your expenses. Learning how to budget and save early in life will surely benefit you greatly in the future.
