Credit Card Debt: $17,000

[Xavier434]

Originally posted by: Aimster
If it matters at all the $17,000 is all tuition related expenses.

No way of getting grants for past tuition payments, right?

Nope.

 

[ElFenix]

Originally posted by: Aimster
If it matters at all the $17,000 is all tuition related expenses.

No way of getting grants for past tuition payments, right?

then by all means pay it off with a student loan.

 

[Slew Foot]

1. Charge as much as you can on as many CC's as you can.
2. Cry to the government that the evil CC companies made you buy crap you didnt need and couldnt afford
3. Await bailout sponsored by hard working middle class folks.

 

[Xavier434]

Originally posted by: ElFenix

Originally posted by: Aimster
If it matters at all the $17,000 is all tuition related expenses.

No way of getting grants for past tuition payments, right?

then by all means pay it off with a student loan.

OP, if this is possible then I would heavily consider it only because the interest rates are probably much lower.

 

[ColdFusion718]

Originally posted by: Aimster
Let's say the interest on the CC is between 17-25%.

I am thinking of a 20,000 student loan to pay off the debt with an interest of 10% maximum.

Anyone have any better ideas?
Please let me know thanks.

The best way is to avoid such debt in the first place.

Go by this rule: If it can't be covered by the funds in the bank account + buffer, do not put it on the card. I've stuck to this rule from my first credit card that I got when I was 18. The credit card companies have never made any money off of me from interest. I paid one bill late one time by a few days and was charged the $29 fee. Aside from that, I've never gotten nailed.

 

[Firebot]

Originally posted by: Aimster
Let's say the interest on the CC is between 17-25%.

I am thinking of a 20,000 student loan to pay off the debt with an interest of 10% maximum.

Anyone have any better ideas?
Please let me know thanks.

Well I can tell you that going to Puerto Rico or Hawaii, while you have a 17K debt, is not the best idea.😀

 

[Xavier434]

Originally posted by: ColdFusion718

Originally posted by: Aimster
Let's say the interest on the CC is between 17-25%.

I am thinking of a 20,000 student loan to pay off the debt with an interest of 10% maximum.

Anyone have any better ideas?
Please let me know thanks.

The best way is to avoid such debt in the first place.

Go by this rule: If it can't be covered by the funds in the bank account + buffer, do not put it on the card. I've stuck to this rule from my first credit card that I got when I was 18. The credit card companies have never made any money off of me from interest. I paid one bill late one time by a few days and was charged the $29 fee. Aside from that, I've never gotten nailed.

He already stated that the debt is all due to tuition related expenses. Most don't have that kind of money in their bank accounts although I am puzzled as to why he didn't use a student loan instead of CCs in the first place.

 

[thomsbrain]

edit: made a mistake in my post

 

[Delta6Echo]

Originally posted by: piasabird
There are government programs to help people pay off credit cards. A lot of these card services places will not tell you this. If your credit is already messed up and you can not pay off your debt then just tell them you dont have any money. Dont play their game. There is a government plan to get rid of your late payments and gives you 60 months to pay off your credit at greatly reduced rates.

Piasabird, can you turn on PMs? I am trying to ask you about this 🙂

 

[Lumathix]

Originally posted by: vi_edit

Originally posted by: Naustica

Originally posted by: astroidea

Originally posted by: Naustica
Rolling credit card debt into student loans is a terrible idea. Student loans are like taxes and stay with you for rest of your life until it's paid off. Credit card debt is unsecured and it can be wiped away whole after 7 years even if it's unpaid.

I would much rather default on credit card debt than roll it into a student loan. Student loan is the devil and many young people will find out the hard way later when they have to repay it.

😕
So that means I can max out all my credit cards, and they'll stop bugging me about it in 7 years?

They might still bug you but it's off your credit report after 7 years and you're not required to pay.

Student loans have no limit. Only your death will resolve unpaid student loans.

Or like...actually paying them off instead like you are supposed to do instead of cutting and running like a little bitch.

QFT

 

[mugs]

Originally posted by: Muadib
The OP doesn't want to pay off his debt......

What a maroon. :thumbsdown:

 

[Jenova314]

Hey, I've got a card for you. You'll get teaser rates of 2-3% for 3 years, and then it'll reset to 10~12%. At that time, if you can't afford the payments, everybody in the forum will chip in and bail you out. Whattya say?