First and foremost, college students are not saving One reason is that credit cards are so easily accessible And secondly, many students are balancing multiple jobs, which leaves less time to focus on saving

WHAT ARE THE RISKS OF CREDIT CARD DEBT?

When it comes to credit card debt, there are several risks One of the biggest risks is that you can end up paying exponentially more for an item than you would have if you had saved up for it But credit card debt also has several other risks:

A higher interest rate

Longer payback time

Lower credit score

Added stress

Negative impact on your financial future

HOW CAN YOU DEAL WITH CREDIT CARD DEBT?

One of the best ways to deal with credit card debt is to not get into it If you are buying items with your credit card and not paying off the balance immediately, you are carrying a balance, which is debt Start by avoiding any emergency credit card purchases, as they can become a bigger problem than you may realize

If you already have credit card debt, you need to make a plan to get out of it Here are some tips to help you

Get organized Gather your credit card statements, and make a list of your credit card balances, interest rates, and the minimum payments due Then, throw out anything you don€™t need For example, if you don€™t travel often, you may not need multiple credit cards

Gather your credit card statements, and make a list of your credit card balances, interest rates, and the minimum payments due Make a budget Figure out how much you can afford to pay per month, and plan to pay more than the minimum payment

Figure out how much you can afford to pay per month, and plan to pay more than the minimum payment Start saving If you don€™t already have an emergency fund, now is the time to start saving