As I was surfing the Internet today, I ran across a college student who was asking advice on how to get out of credit card debt. This student owed $2900 in credit card debt.
Get Out Of Credit Card Debt
The first thing I thought to myself was good for this guy asking for help while his debt was only $2900. Many college students rack up a lot more credit card debt than this. Luckily for this student, $2900 is a pretty small amount of debt to pay off even for a college student.
Get A Second Job To Pay Off Credit Card Debt
My best advice for paying off credit card debt is to get a second job. For a college student this is the best way to pay off debt fast.
College students usually have a lot of free time. Classes typically only take up to 15-18 hours a week. That leaves a lot of free time for studying and partying.
Whenever a college student asks me what type of job should get, I always suggest one of three types of jobs - (i) a job that allows the student to study while working, (ii) a job that allows the student to network with professionals in the field he or she is pursuing, or (iii) a job at a place where his friends hang out in their free time (often a bar).
When I was in college, I worked as a night time receptionist at a law firm. This allowed me to accomplish two of the above job types with one job. There were not that many telephone calls coming in at night so I got to do a lot of studying. I also got to talk to a lot of lawyers. For a future law school student, this was a great chance to explore what type of law I wanted to practice and network with people in the profession.
This is a great way to build your resume while at the same time paying off your credit card debt. $2900 in credit card debt will not take a long time to pay off. At $8 an hour, you can get out of credit card debt in as little as 362 hours. If you work 15 hours a week you can pay off this debt in 24 weeks.
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The key piece of solving your debt crisis is to ensure you do not discount the condition completely. You must analyze the problem and resolve how to answer it. Talking to people with economic knowledge (be it family, a close friend, or even employees at the concerned credit card company), can bring about viable solutions. Timing is of the essence, so you must be fastidious; nevertheless taking the necessary steps to negotiate a settlement can sometimes be the advantageous decision.