Friday, October 23, 2009

How to Pay Off Credit Card Debt After Graduation

Ways You Can Afford the Payments

Stop using your credit cards. It may sound simple, but if you've become accustomed to relying on credit cards when you don't have the cash, eliminating their use all together is going to be tough. It's also absolutely imperative if you want to eliminate your debt. You know the saying that credit cards should only be used in emergencies? Now is the time to follow that advice.

Next, it may not be easy, but in order to come up with the cash necessary to pay down your balance, you'll have to keep living like a student for a while.

You'll be tempted to make sharp lifestyle upgrades one you get out of that dorm, especially if you secure a new job right out of school. Resist the temptation. You're already used to your frugal lifestyle, so use that to your advantage and wait a bit longer before getting an expensive apartment or new car.

Finally, it never hurts to ask Mom and Dad for help. Most parents would like to see their kids get ahead in life and are usually willing to help out in some way. Stuart Schultz, the founder of, recommends if you're going to rely on your parents for some financial assistance, "This might not be what your parents treat them respectfully. Maybe you do some chores for them, and really take advantage of the opportunity. Don't sit on the couch and play video games all day."

Years down the road, when you're enjoying post-college life virtually debt free while old classmates are still struggling with old bills, you'll be glad you put the extra effort toward paying your credit card debt off right away.

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