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