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Consumers with credit card debt tied to student loans may consider debt consolidation as an option
By Angela Hawke on Jul 10th, 2010
One problem younger consumers may face is having ramped up credit card debt during their college years, including the practice of using plastic to pay for their tuition.
However, a recent survey from CardRatings.com, 64 percent of respondents said they did not have any credit card debt tied to paying off their student loans. Furthermore, 12 percent said they have less than $5,000 charged in this manner.
Still, 17 percent of respondents had at least $10,000 worth of credit card debt being used to handle their student loans. Beverly Harzog, a spokeswoman with the card rating website, said that it may not be a surprise, given how much it costs to get an education.
"Consumers who have considerable student loan debt on their credit cards should explore options to minimize the interest expense," Harzog said.
One option people may want to look into is debt consolidation, which might work for credit cards and students loans. Through such a plan, consumers may find that their interest rates are lowered, making it easier to pay off what they owe.
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