One of the most difficult issues facing graduating seniors today is college student credit card debt from books, living expenses and other financial obligations from school. In a tough job market, young people are not as able to pay off both student debt and credit card debt immediately. Your credit score will affect your ability to rent an apartment, own a car and possibly even find employment. Consider these options if you are facing credit card debt as a college student to keep your credit healthy.

Consider Using Co-Signers

It is tempting to want complete financial freedom as a young adult. However, your parents most likely have stronger credit than you do. They have a longer credit history, and many adults have paid off mortgages successfully. Some landlords or lenders will not do business with you unless you use a co-signer. Even if you can secure a loan, though, using your parents as co-signers on apartment leases or car loans will get you better deals. Using co-signers will help you find financing, but it is important to seek at least one credit line in your name alone. This is how you will build up your personal credit for your next purchases as you become financially independent.

Consolidate Your Debt

Statistics show college students are fairly responsible with debt management. Fortunate students will have help paying for college expenses either through their parents or scholarships. Many students, though, will be handed a huge amount of debt from college tuition and living expenses. If you have debt, it is important to resolve the issue before you enter adulthood and begin applying for home or car loans. One option is to enter a debt consolidation or debt negotiation program. These programs may allow you to pay off your credit card debt and other loans at a fraction of the total principal. You may also be able to arrange for one monthly payment. Debt consolidation will damage your credit score. Doing this at a young age, however, may mean you can restore your credit before you seek a mortgage.

Declare Financial Hardship

In the current market, many students will have difficulty finding jobs and internships. Companies are deferring employment contracts and reducing starting salaries. Credit card companies are most interested in receiving at least a portion of the funds you have borrowed from them. In times like this, they are willing to work with you to help you avoid bankruptcy because bankruptcy means they get no money at all. You can ask about declaring financial hardship; state the reasons why you will not be able to pay off your debt when you originally promised. The companies may defer your payments, offer you more helpful payment plans or negotiate for a reduction in your principal. Be proactive about seeking these benefits. Even as a college student with credit card debt, you still have many options to preserve your financial future.