Students are at a High Risk for Credit Card Debt (cont.)
Contributed by Stephanie Litaker
If you don't have the cash to buy that CD, don't buy it. If you don't have the cash to chip-in for the pizza, suck it up and eat in the dining hall. And if you don't have the cash to buy yourself a beer, don't drink. Be the designated driver it's a lot cheaper that way.
Know who you're paying when reducing your credit card debt
Now that you're committed to paying off your credit card debt, make sure you know who you're paying and how much you owe them. Make a like of all of your credit cards and how far in debt you are to each of those companies. If you are serious about getting out of credit card debt, you should focus on one card at a time. No, that doesn't mean staring at it and hoping that the balance will just go away.
That means concentrating on paying off one credit card at a time, and you should start with the card with the lowest balance. If your minimum payment is $15, pay as much extra as you possibly can. If you have an extra $50 to pay toward your balance that will dramatically reduce your balance. After you get that card paid off, put that money toward the next card and eventually you will have all of your cards paid off.
