College Students in Credit Card Debt
by: Tom Tessin

The next time you walk down your college hallway, you probably won't notice but every one in three college students have some sort of debt. How much debt do they have? It all depends. If you owe the credit card companies money, you're technically in debt. So this means it can range anywhere from one dollar to a million dollars, debt is debt.

 

Credit card debt has become a world phenomenon and the only reason people have debt is because they spend out of hand. It isn't the credit card companies fault you have credit card debt, it's your own. The people with debt are the one's that give the credit card companies a bad name. If you spend responsibly, you shouldn't have to worry about going down that awful debt road.

 

If you're currently a college student who's experiencing debt, I'm going to provide you with a few tips that should help you fight that debt. Remember, if you don't take action or you don't generate money in some sort of way, that debt is only going linger around you for the long run. It's up to you to make your debt disappear!

 

Start working A LOT

If you're going to school full-time, you want to make school your number one priority, there are no exceptions to this rule. Even though you're going to school full-time, this doesn't mean you can't get a side part time job. A lot of the times you'll find that if you open up your local school newspaper, you'll find that there are a lot of part time jobs available. From pizza delivery to flipping burgers, you'll have to get off your butt and get a job, even it pays minimum wage. Remember that minimum wage is better than nothing!

 

Attack your debt

Whether you have one credit card bill or ten, you will want to pick out one bill first and start attacking it. The general rule of thumb is that you'll want to attack the credit card with the highest interest rates first. If you find that you can transfer your debts to a lower interest rate credit card, do this as soon as possible.

 

The best thing to do is lay out all of your bills and number them. As I mentioned above, you will want to take the highest interest rate bill first and put as much money as you can toward that bill each month. Before you do this though, remember that you'll want to pay only the minimums on the other credit cards so that you can avoid the late fees and penalties. If you don't pay the bill at all, this is going to hurt you a lot more in the long run.

 

When you're attacking all of your debt, remember not to give up. A lot of people just give up and declare bankruptcy. Remember that when you declare bankruptcy nowadays, it's a lot harder than it was a few years back. If you do declare bankruptcy, it's going to be on your record for seven years as well. Bankruptcy is going to do no good because people just go back to their old spending ways. Dig yourself out of debt, learn the hard way, and start saving for your future!

Credit Report Scores
Below is a chart of credit report scores. Credit report scores are important when it comes to applying for a credit card. To find out what your credit report score is, please click on the link below.
Great Credit
750-850
Good Credit
660-749
Fair Credit
620-659
Poor Credit
350-619
No Credit
0
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