Many young Americans are facing a big problem today—credit card debt. Once we get that powerful piece of plastic, many of us start to overspend, because it’s all borrowed money we don’t need to necessarily have at the time of purchase. What many people forget is that they will have to in fact pay the money back at the end of the month, and if they don’t they screw up their credit. These days, we have an even bigger problem: student loan debt.
Student loans have become the sole crutch for many college students looking to pursue higher education. Tuition has climbed rates as high as $100k for a four-year degree. Not many people have that kind of money saved up. If you’re a student planning on going to college, or if you’re a parent with a college-bound kid, then you need to be prepared for the expenses you’re going to ultimately incur.
Consolidated Credit has already taken care of some of the preparation for you by putting an infographic together (posted below). Can you believe tuition used to only be $500? Your grandparents had it easy. In today’s day and age, college tuition costs are high and student loans keep us crunching the numbers. The best thing you can do, whether going to college or graduating, is know what you’re getting into and how to eliminate student loan debt a.s.a.p.