Reduce Credit Card Debt In College: 5 Reasons To Get Started
To reduce credit card debt at any time seems hard
, but you can do it. And reducing your credit card debt now, while in college, may help you for years.
Here you'll find reasons and a few ideas on how to get started reducing that debt.
1. Graduation is Coming
Getting rid of some of your debt now will help you get off to a better start after school. If you face a few months without a job, fewer credit card payments will really help, right?
2. Work Less, Play More
If you have less credit card debt, you don't have to work as much during school. You can have more fun, and not worry so much about payments.
You probably have already thought, but how do I pay them off if I work less? Well, to get them paid off may require more work, at least at first. See the end for some ideas on how to get those cards paid.
3. Better Grades
When constantly need to work an extra shift or another job to keep up with your payments, life stinks and your grades suffer. If you reduce credit card debt, you can focus more on your studies. Or on clubs. Or other things you like to do.
4. Better Summers
Summer can give you so many choices in college. You can tour another country, volunteer on a campaign or for a cause, or just chill out without the stress of school. But credit card payments really mess that up. Especially large ones.
With no credit card debt, you suddenly have more time, more options and more of a life.
5. Better Job Choices
After school, once you graduate, you will want a great job, right? Of course. But if you have to make huge credit card payments, your choices will be limited. Instead of taking the great job you want, you will have to take whatever comes along.
I've seen it happen. A student graduates, gets an offer for a cool position, with a low starting salary. Now you have to choose, do you take it and work a second job to make ends meet, because it is a cool position, or do you wait?
Life's better without so many payments. Can't happen? I'm a realist. I have some suggestions to make this work.
How to Get Started
It's time! You want to reduce your credit card debt, you want a better life. What now? How do you get there?
First, STOP using credit cards for everything! Use cash or at least a debit card without a big overdraft loan. If you feel like you have to use them, maybe you need a job, or perhaps just better financing.
Maybe you use credit cards because you are still in school and you need to finish the semester.
Understandable, but not the greatest idea. If you can use a student loan instead, that's a better way to go. The interest rate won't cost as much, and with some loans you can delay your payments during unemployment.
You have tons more options. You can share an apartment instead of renting on your own. You can sell your car with payments and buy one without. Or you can apply for more scholarships - you just have to qualify to get the money.
by: Kevin Ihrig
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