BANKRUPTCY CAN HELP RELIEVE MASSIVE STUDENT CREDIT CARD DEBT

The threat of student loan debt has been widely reported, but it’s only one of the problems facing students who are trying to make their way in the world. The unfortunate truth about debt is that it is all compounding. Struggling to pay off student loan debts can also make it difficult to pay off other debts, such as credit card debts. Credit cards may seem like a godsend to students who are barely living within their means, but they don’t come without their own strings attached.

Fortunately for struggling students, there are ways to manage credit card debt before it gets out of control. Making sure to pay your balances in full, rather than simply making the minimum payment, can severely cut down on the amount of extra money you’ll be paying in interest. In addition to making these payments in full, it is important to make these payments on time.

Ohio students can take advantage of these and many other tips to avoid credit card debt getting out of hand, but the fact of the matter is that sometimes it just can’t be helped, particularly for students. Students are stretched thin enough as it is, having to juggle classes and jobs while still trying to maintain adequate funds and some form of a social life; something has to give. Of course any debts you accrue in college will follow you through the rest of your life until you finally manage to pay them off, if ever.

What you need to know is that you have options if you find yourself facing seemingly insurmountable debts. Any number of unforeseeable circumstances could saddle someone with crushing debt. The important thing to remember is that there is always a way out. If you’re facing serious credit card debt, a Chapter 7 or Chapter 13 bankruptcy can help you get a fresh financial start.

Source: FoxBusiness.com, “6 Credit Card Mistakes Students Make,” May 22, 2014