The College Student’s Guide to Getting Out of Credit Card Debt


Credit cards can be powerful tools for college students. By using the right credit card responsibly, students can graduate with zero debt and and a great credit score that will help them score a better interest rate when buying a home, qualify for credit cards with better rewards, or get a small business loan. Unfortunately, that’s not always the case.

It’s easy for students with minimal financial experience to swipe their way to a high credit card balance. In 2016, over 30% of active students had an average credit card balance of $2,573 dollars. (And 33% of those students said they had maxed out their card that same year.) That’s a chunk of change — especially for those who have recently begun paying toward student loans.

If you’ve found yourself in this situation, here’s the good news: With the right strategy, you can minimize interest payments and erase your credit card debt as quickly as possible. Here’s how to do it.

Source:  The Simple Dollar


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