Convenience fees charged for the use of credit cards are particularly high. For example, on average, $262 worth of convenience fees are expected for every $10,000 worth of debt. The interest on credit card debt, charged by the credit card company, is also exceptionally high. For example, interest that needs to be paid on the debt will probably outweigh any potential benefits received. Student loans offer far better interest rates.

Although the rewards associated with credit card use can be particularly good, they are only useful if one pays the balance on the credit card in full and if the card issuer does not charge the user a convenience fee for the transaction. In any other circumstances, scholastic loans are a much more affordable way to finance college tuition costs.

For some Kentucky residents, it is already too late for this blog post to be of use. Anyone who is suffering under a mountain of credit card bills knows how serious the problem is and that it is difficult to get out from under this debt. However, various legal solutions are available — including bankruptcy — which could help individuals resolve debt problems once and for all.

Source: Lexington Herald Ledger, “Put it on my card…or not,” Sarah Skidmore, Sep. 04, 2016

Convenience fees charged for the use of credit cards are particularly high. For example, on average, $262 worth of convenience fees are expected for every $10,000 worth of debt. The interest on credit card debt, charged by the credit card company, is also exceptionally high. For example, interest that needs to be paid on the debt will probably outweigh any potential benefits received. Student loans offer far better interest rates.

Although the rewards associated with credit card use can be particularly good, they are only useful if one pays the balance on the credit card in full and if the card issuer does not charge the user a convenience fee for the transaction. In any other circumstances, scholastic loans are a much more affordable way to finance college tuition costs.

For some Kentucky residents, it is already too late for this blog post to be of use. Anyone who is suffering under a mountain of credit card bills knows how serious the problem is and that it is difficult to get out from under this debt. However, various legal solutions are available — including bankruptcy — which could help individuals resolve debt problems once and for all.

Source: Lexington Herald Ledger, “Put it on my card…or not,” Sarah Skidmore, Sep. 04, 2016