College tuition and fees are more expensive than ever. According to the U.S. News and World Report, in-state tuition and fees at public National Universities have grown the most, increasing by 175% in the last 20 years. The average cost is $11,541 per semester, and that’s not including housing, food, books, and other necessities for college living. This remains the most affordable option for those seeking higher education. While paying for tuition with federal and private student loans is common, many students are avoiding them by paying with a credit card. Unfortunately, this could lead to financial difficulties -even before graduation. A debt consolidation loan from Lendah could be your ticket to financial freedom after college.
The Truth About College Students and Credit Cards
There are pros and cons to having a credit card in college. You can use it for emergencies, to build credit, and keep you from carrying cash around campus. The danger that all credit card holders risk is when they start living beyond their means and start accruing interest.
If you’re using credit cards to pay for both tuition and other larger purchases, you may find yourself in over your head in debt before you can solidify a career path. The good news is that even if things get out of control, there’s always a way to regain your financial freedom.
How to Manage Debt in College
Curb Your Spending.
The best thing you can do as a college student is to take advantage of those student discounts and campus amenities. Save money by eating through your meal plan on campus, utilizing the gym instead of paying for a membership off-campus, and determining where you can get a discount with your student ID.
Add Additional Income
It’s all about the side hustle. As a full-time student, you won’t have time for a full-time job, but a part-time or summer job can help you to bring in additional income to help you pay off your credit card debt.
Pay On Time – Every Time
Even if you can only afford to make your minimum payments that month, paying on time can do a lot to keep your credit score in a decent place and keep good marks on your credit report.
Get a Debt Consolidation Loan
A debt consolidation loan will allow you to minimize your monthly payments and set you on a fast track to debt freedom.
Debt Consolidation Loan From Lendah
The most important thing to do when you’re paying off your credit card debt is to get ahead of the interest charges. You can do this by paying off your card each month. However, if you have used a credit card to pay for your tuition, having a zero balance at the end of each month isn’t likely.
This is why we at Lendah, recommend a debt consolidation loan to pay off your credit card debt. It’s a personal loan with lower interest rates, fixed monthly payments, and the potential to save you thousands of dollars. You work with a team of financial experts who are here to support you and give you the skills you need to build a better financial future and help you to achieve debt freedom before you graduate.
Learn more about debt consolidation loans from Lendah.
If you’re interested in consolidating your credit card debt, get started today on our website. Prefer to talk in person? Call us at 833-453-6324, and we’ll get you connected immediately with one of our loan experts.