I am a 21 year old college student and I have $30,000.00 worth of credit card debt. I am in the process of getting a job but still going to school to get a degree…All my credit cards (6 of them) started with 0% interest they have all now expired and I am getting hit with fairly normal interest rates. Should I consolidate them or continue to pay them off one by one?
Have you tried?
- Calling all your credit card companies and asking them for a lower interest rate – threaten to close the account
- Finding a new card that offers 0% balance transfers with no annual fee? This will buy you another 6 months.
- Asking your parents for a loan – I believe parents should pay in full for their kids college (and expenses).
You realize, it sounds like you are going to have to take a year off from school just so that you can pay off these loans. Interest is going to eat you alive. Take a year off, unless you only have one more year to go.
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