Credit Card Debt In A College Student's Life - 5 Tips For Overcoming Debt

Credit Card Debt In A College Student's Life - 5 Tips For Overcoming Debt

Credit cards are a fact of life for the majority of people living in Western countries. For many, the ability to use a credit card responsibly without driving up the balances to unreasonably high levels is difficult to develop. This is all the more true among college students.

Over the past two decades or so, college and university students have been the target of aggressive marketing campaigns by major credit card companies. The object of the campaigns has been to convince students of the convenience of using a credit card for day-to-day transactions.

The trouble is, even more so than with the general populace, many college students have been shown to have trouble using cards responsibly. On the whole, many students lack the ability to make sound judgments leading to responsible card use. The result: studies show that the average college student with a card graduates with thousands of dollars of debt.

If you are concerned about growing credit card debt in a college student's life, here are 5 tips for overcoming debt:

1. Immediately stop using the credit card(s):

Stop using the cards right away. Even though you are in the habit of using a card to make regular purchases for foods, sundries, gas, books, and other goods and services, you need to find a way to pay for everything with cash.

2. Start paying down the highest-interest cards first:

Now, it is time to take aim at the debt on your cards. If you have more than one, start by paying down the high-interest cards first. Doing so will greatly speed along the debt-reduction process.

3. Switch to a prepaid debit card:

Purchase a prepaid debit card. These cards carry the symbol of major credit cards like Visa and MasterCard, but they work like a debit card. You just pre-pay or re-charge/re-load your card with money whenever it runs low. Merchants will treat it like a credit card.

4. Sell any of your possessions that contribute to your overspending:

If you have expensive tastes that tempt you to spend beyond your means, it may be time to cut back altogether on your use of these items. Sell any items that are currently causing you to spend more money than you should - and use the proceeds to pay down your card balance.

5. Create a plan in Excel for paying down your debt:

An excellent way to track your debt reduction process is to build a plan in a spreadsheet program like Excel. Set monthly targets for yourself, then track your actual balances across all credit cards and see how you are doing against your target.

By following these 5 tips, you will be able to pay off your debt and start spending more responsibly. As you become debt-free, you will breathe a sigh of relief.

POST COMMENT

Amazing Tomato Growing Tips To Accept Credit Cards, Conduct A Merchant Account Search - 5 Search Tips I Need A Merchant Account For Credit Card Processing - 5 Tips Debt Relief Tips - Avoid Interest Payments And Eliminate Debt Asian Diet Tips - Get Lean Quickly Without Brutal Exercises! How To Get 6 Pack Abs – Three Essential Tips on How to Get 6 Pack Abs Tips On High Faculty Dating Dating Tips - A Look At The Mystery Methodology Tips to lose all the weight you want Necessary Tips to Swing Your Short Irons Debt Relief Tips - How To Restructure Your Debt For A Lower Payment Essential Tips For Selecting Party Dress Bridal Beauty Tips Sewer Line Back-up And Tips To Prevent It