My college student has $4K in credit card debt. What can we do?

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If you don't manage debt, it can have long-term consequences.

Karin Price Mueller | NJMoneyHelp.com for NJ.com

Q. I just learned that my 20-year-old took out two credit cards when school started. He goes to college in another state. And he charged up $4,000 and hasn’t been able to make payments. He doesn’t have a job so I have no idea how he qualified for a card. He had a summer internship only. How could they give him these cards and now what can we do so he doesn’t kill his credit?If you purchase a product or register for an account through one of the links on our site, we may receive compensation.

 

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Make them pay it off.

Duh. Pay it off

Tell your college student to get job and start paying it off. That is what you can do.

Cut up the cards and show him how to budget to pay it off.

Cut up his credit cards 👍

Start making payments!!

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