I’ve known quite a few people throughout the years who got into some kind of student debt. Some have used student loans, and others were forced to find other avenues. Some qualify for grants. But ultimately speaking, they have put the age requirement at 24 for student loans, because they have assumed that everybody’s parents will support them up to that point, which is simply not true. Therefore, I’ve known more than one person that used their credit cards instead.

The unfortunate part about credit cards is that they still require monthly payments. It doesn’t matter whether or not you are in school. They don’t accommodate for that as you would find with student loans. So sometimes, it can become a bit overwhelming, especially when you are in school or fresh out. The question is, how do you deal with this?

Some have learned to consolidate credit card debt. In all reality, your debt isn’t going anywhere unless you pay it off. And if you simply pay the minimum payment on each card, it could literally take you over 10 years to pay any given credit card off from top to bottom! So obviously, it’s not necessarily wise to take it on on your own.

When you consolidate credit card debt, they put it all into one lump sum. They give you one payment per month that is projected to help you to pay off all of that debt faster. Your credit card companies will settle for a smaller amount than you would have otherwise had to pay. This does not come without some repercussions. However, for many, it is worth it to get out of debt and get back on their feet.