Student loans are back. Is it time to consolidate your credit card debt?

Published September 20, 2023 5:00 AM

By JACKIE VELING of NerdWallet

After a more than three-year pause, payments on federal student loans resume in October, but some student loan borrowers may be more cash-strapped than before. Research shows consumers expanded their debt portfolios during the pause, taking on new credit card debt especially. Because of its high compounding interest, paying off credit card debt should be a top priority, according to financial experts. Consolidating your credit card debt under a 0% balance-transfer card or a debt consolidation loan is a smart move for many, though you can also pay off credit card debt with do-it-yourself strategies, like the snowball or avalanche methods.

Article Topic Follows: AP-National

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.