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How To Escape Credit Card Debts For College Students
So, you’ve been doing some shopping in the past months and you haven’t realized that you have maxed out your credit card. As a college student, what are the things you can do to clear your debt? We are not saying that there’s going to be an easy way out. However, the practical tips can help you pay your balance the fastest possible time.
Are you ready to be debt-free?
Just so you know, many college students are already experiencing this. And eventually, it can take a toll on your finances. Even if you are already working, you will still need to pay for it.
Check Your Expenses
The first thing you have to do is to check why you have maxed out your credit card. Is it because of unnecessary expenses such as dining every week? Or are you always buying new clothes from designer shops?
You need to be realistic and to be honest with yourself. See which of your purchases are essential, and which ones are just luxuries.
Learn How To Budget
As early as now, you need to understand how budgeting works. As cliché as this may sound, you have to live within your means. But how can you do that if you do not have an idea how much money goes into your pocket every single month?
Whenever you receive your allowance, or salary if you have a job, try to list down all the important things you have to pay for. Some of the examples are your rent, school fees, food, or your phone bills to name a few.
Cut Down Your Membership And Subscription
You might justify that your gym membership is crucial, but you have to find alternatives where you can stay fit yet will not you cost so much money. How about using the outdoors to work out? Go to the local park and run. Or maybe, you can go to the public gym and use their equipment there.
And when we talk about subscriptions, maybe you need to cancel these if you are running out of juice. Let’s take for example your Netflix subscription. If you don’t want to lose it, maybe you can ask some of your friends to get the highest tier account so you can divide the monthly payment.
Look For Remote Jobs
We understand that you might probably don’t want to take on a full-time job because of your studies. That’s fine. What we recommend are part-time remote jobs that could help you finish off your debt. Fortunately, a lot of companies are offering jobs to college students. And the best part is that you don’t have to leave your dormitories. You just need a trusty laptop, a decent internet connection, and you are all good.
Learn How To Say No
The reason why most college students drown in credit card debts is that they have a hard time saying no. They always say yes to college parties and gatherings even if they are running out of money, or if they have an exam the next day after.
But as an adult, you must be responsible for your actions and you shouldn’t succumb to peer pressure. If some of your friends invite you to join them, just be honest and say that you are working on a tight budget. If they are real friends, they would understand your concern.
Pay Your Bills On Time
No matter how hard. Make sure that you pay your credit card dues on time. Otherwise, you might face penalties and these could be hard on the pocket. You can always set a reminder on your phone so you won’t forget. After all, college life can be hectic and it is possible that you forget things.
Sell Some Of Your Items
Do you want to cut down your losses? Then you have to make small sacrifices. Perhaps, you’ve got tons of bags in the closet. Or maybe, you have several pairs of shoes which you can’t use. Look for these items and sell them online. You would be surprised how many people would like to get it from you. And the money you’d get from these could be used to pay your debt.
What you need to do right now is to change your lifestyle, look for ways to earn money, and be disciplined. You would soon realize that you do not have debt already. Plus, you can manage your finances better.
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