Skip to content
Download Consolidated Credit's Free Debt Relief Guide

Paying for School with Credit Cards

With the price of education on the rise, it’s no surprise that many students and their families are in debt trying to fund post-secondary education. While many take out student loans, it sometimes isn’t enough. To cover the costs, some end up paying for school with credit cards, which leads to excessive credit card debt.

Sue P. Client Profile - Paying for school with a credit card

In this exact situation, Sue turned to a trained credit counsellor to get out of debt faster. Here’s her story.

Student loans couldn’t cover all their expenses

Sue didn’t initially turn to credit cards to pay for her daughters’ educations. “Both of my girls applied for student loans and held down part-time jobs – sometimes more than one,” she said “But you never get what you need from student loans. If you’re making money, your eligible funds go down. In the end, it wasn’t enough.”

Post-secondary education in Canada doesn’t come cheap. According to an article by Knowledge First Financial, the average one-year cost of university in 2019/2020 was $21,110 for those in residence. For a four-year program, the cost totals up to around $84,440 – per student.

In a financial bind, Sue turned to credit cards to cover costs that the student loans didn’t cover.  However, with the balance so high, they were only able to afford the minimum payments.

Then, a TV ad changed everything

After seeing an ad for Consolidated Credit on TV, Susan and her daughters decided it was worth a shot.

Consolidated Credit provides free credit counselling to help consumers find a solution that is customized to their unique situation. This process starts with a free evaluation of an individual’s budget, debt and credit to determine the best debt solution for their needs.

For those that have excessive debt or poor credit, counsellors may recommend a debt management plan. It consolidates bills into one affordable payment reduces or eliminates interest charges, so it’s possible to pay it off faster.

Calls from creditors stopped too

Another advantage of enrolling in a debt management program is that it shows creditors that you are serious about repaying your debt. The credit counselling team becomes your advocate for dealing with creditors. Creditors can contact Consolidated Credit with any questions they may have.

“Now I’m not worried every time the phone rings, and I am able to do things without too much worry about paying my bills,” Sue says.

Valuable financial lessons learned

Fast forward into the future, and Susan’s daughters have graduated. Now with stable jobs, they both have student loan payments at approximately $500 per month, but have budgeted accordingly to make those payments and not get into the wrong kind of debt. Susan attributes their responsible behaviour to learning from her experience with credit cards.

“It’s all too easy to charge, and interest rates are way too high to carry a balance,” Sue says. “I also learned to have an actual
budget, and stick to it.”

Now debt-free, Susan is grateful for Consolidated Credit. “I am and always will be thankful to your organization,” she said. “

Debt is a slippery slope and people need to be better educated.”

What is your total credit card debt amount?

Provide a few details about yourself.

##first_name##, here are your next steps...

Get a clear picture of your spending vs. your income. Begin your online budget and financial analysis now by clicking the button above.

Our experts are here to help you understand your options and reach your goals. After you complete the easy-to-use online budget, one of our trained counsellors will reach out to you and provide recommendations.

Everything shared is 100% confidential and secure.

I understand and agree that by choosing “Start your online budget now”, I am voluntarily providing certain personal financial information in order to educate myself as to my current financial position. I understand that this budget tool is educational in nature, and that none of the information received in the form of a budget constitutes financial advice, nor does it constitute a counselling session. I understand and agree that the budget depends on the information I input into the fields, and that Company does not represent or guarantee the accuracy of the budget. I understand that this tool may collect information and should I choose not to provide such information, I am not to proceed further. If I choose to abandon the tool midway through the process, I understand that the information will not be maintained and I would be required to start providing the information from the beginning. Company disclaims all warranties associated with the budget tool herein. I understand and agree that Company may use the contact information provided herein to contact me through various means of communications, including automated messages, and that I expressly consent to receive these messages.

Consolidated Credit Counseling Services of Canada Inc BBB accredited business profile
BBB RATING: A+