A new study released by CardRatings.com, a credit card comparison resource, conducted a survey asking consumers to tell the amount of student loan debt they have on a credit card.
Of the respondents, 36 percent stated that they had used a credit card to pay off student loan. While many of those who had debt had less than $5,000 worth of loans on their cards, 10 percent stated that they had charged more than $20,000.
"For those without financial backing, it's a real challenge to meet the high cost of a college education, so it's not surprising that some people had to turn to credit cards," stated Beverly Harzog, a spokesperson for CardRatings.com.
She went on to say that those who are saddled with student loan debt on their credit cards should find ways to minimize interest if possible.
Credit cards may seem to be a useful resource for those struggling to pay bills, but dependency on credit cards runs risks for those who are aiming for debt free.
living. Eliminating credit cards altogether is an important strategy to avoid adding to one's debt, according to MSNBC.