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Features of Credit Cards
You may have passed a booth offering a free T-shirt or duffel bag for signing up for a credit card. Most credit cards have some lucrative offer associated with them such as free miles, rewards, or cash back. But what is often overlooked is that such cards have higher interest rates.
College students can be very vulnerable and can end up signing for many different credit cards. Eventually this might lead to huge debts if one is not careful. So, it is essential to make sure that the students carefully read and know the pros and cons for individual cards. It is also important that students be cognizant of the fact that student cards normally carry higher interest rates. As stated previously, this often leads to high debt accumulation. One way of reducing credit card rates is by consolidating credit card debt. This often has to be done through a home equity loan or home equity line of credit. MSNBC.com Reports:
One way to lower your credit-card rates is to consolidate your credit card debt into one big home equity loan or home equity line of credit. This can be a very cost-effective way to go.
Read More: Jean Chatzky’s top 10 credit card tips
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