Debt Consolidation may provide relief to college students struggling with overwhelming credit card debt. It is a process where the debtor takes out one loan to pay off others at a lower, or fixed interest, rate.
According to student lender Nellie Mae, over 75% of American college students have credit cards. Over four years of college, students accumulate great loads of debt, sometimes in excess of $10,000. On average, senior students end up owing double what they owed as freshmen.
These are troubling facts. What are these students to do once they leave college and must eke out a living in the real world, while struggling with the burden of mountainous debt?