What To Do About My Credit Card Debt As My Kids Near College Age?

They say time flies when you have children. It seems like only yesterday I was bringing them home from the hospital. Now, I have two teenagers in high school on their way to college. Although I’m elated that they’ve made it this far, I’m also a bit worried. Getting a decent college education costs a lot of money, and as a parent, I want to assist. The only problem is, I’ve got so much debt that I’m not sure I’ll be able to. 

Over the course of a few years, I managed to rack up more than $15,000 worth of credit card debt. I try to keep up with payments, but the interest rates are so high that my payments barely scratch the surface. I’ve got two years before my oldest child goes off to college. Knowing I needed to get things under control, I did some research to determine my options. 

Crunching Numbers

One solution that kept popping up was crunching numbers. If I could eliminate unnecessary spending and save money on the things my family needs, I’d save a lot of money. This money could be applied to my outstanding credit card balances allowing me to reduce my debt over time. 

Negotiation

Another method to get my credit card debt under control would be to talk to the creditors. If I explained my financial situation and ask for assistance, they may be willing to help. Some credit card companies will offer you a lower interest rate, while others may eliminate past late fees and penalties to help you get caught up faster. 

Side Gigs

I don’t have the time to commit to another full or part-time job. During my research, I discovered that side gigs are a better option. These are jobs that you can complete at times that are most convenient for you. Some people choose to start a blog, while others opt to become a food delivery driver. They’re able to work when they want and bring in an extra few hundred bucks a month. The money could be used to pay down credit card debt or put into a savings account for my kid’s college education. 

Consolidation

The option that seemed most intriguing to me was debt consolidation. I discovered a site called BriceCapital.com where consumers struggling with high-interest high-balance credit card accounts could seek relief. The idea was to lump all your accounts into a loan with less interest and affordable monthly payments. Essentially, Brice Capital would foot the bill for you as long as you promised to repay them. You could save hundreds of dollars in interest, eliminate late fees, and manage your credit card debt more efficiently. If I were to take this route, I could be out of debt in as little as two to three years – just in time to assist my kids with college. 

Conclusion

After weighing the pros and cons of each debt reduction method, I decided to try them all. I started by contacting creditors to see if they’d be willing to lower my interest rates, eliminate late fees, accept a settlement offer, or restructure my payments, so they’re more affordable. Next, I contacted Brice Capital about debt consolidation. The representative helped me to find a loan offer that was convenient and affordable. I was able to save hundreds on interest and fees throughout the loan. Once I got my credit card accounts under control, I crunched numbers and found the right side gig to pay down the balances faster and save more for my kids. 
College tuition is a huge undertaking for kids that recently graduated from high school. Most American adults end up taking out student loans that take them years to pay off. As this isn’t something I wanted for my children, I took the steps to reduce my debt, improve my credit score, and boost my savings so that I’m in the best position to help.

What To Do About My Credit Card Debt As My Kids Near College Age?

Sweating the Big Stuff

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