Credit cards come with minimum payable amounts, which are percentages of the total outstanding on the card. Students often find themselves hard pressed for extra cash and they continue to make only the unavoidable minimum payments month after month. This leads to a huge interest accumulating on the balance, resulting in unmanageable debts in an alarmingly short time.

During the recession, many students found themselves watching helplessly as their debts grew sky high. There was not much they could do then but as the economy begins to settle down to an even keel now and is even showing signs of rearing up, there are some solutions that you can explore. Debt consolidation is one such option than can help debt-ridden students get their finances under control.
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