With so many people eagerly awaiting the Supreme Court's decision on President Joe Biden's student debt forgiveness plan, it's easy to forget about the other types of debt many people contend with. For example, credit card debt is a common problem for Americans even though the numbers do tend to ebb and flow over time.
For the most part, experts agree you're probably better off treating student loan debt differently than other debts — whether Biden's student loan forgiveness plan passes or is ultimately blocked by the Supreme Court. There are several reasons treating student loan debt with less urgency could leave you better off, which are detailed below.
While federal student loans come with fixed interest rates based on the year you took out the loan, they aren't anywhere close to the average rates for credit cards right now, which are also variable. If you're paying off debt on a card that is charging anywhere near the average rate, you should look into ways to pay off that debt more quickly, perhaps through debt consolidation or a balance transfer credit card.
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