using a student load to pay off credit debt?

[swole44]

ive racked up about 3g's in credit card debit and with my interest rate and overlimit fees im never going to be able to pay this off while going to school.

does anyone recommend using a student loaN to pay it off?

[#8]

I dont think your credit card company will value the semen of a young student. You may be able to get some money for it in china or somewhere else in that region of the world, but a student LOAD is best kept on the girls stomach / tits / face.

I had to....

:)

[Ritch]

I dont think your credit card will value the semen of a young student. You may be able to get some money for it in china or somewhere else in that region of the world, but a student LOAD is best kept on the girls stomach / face.

I had to....

:)

LMAO!!!

[swole44]

LOL typo...

[Big D]

#8 you big bully

[#8]

because i was a bully earlier ill try to help as well. most people will tell you paying off credit with credit is generally a horrible idea, but if you have no other choice, it is an option. using credit like a student loan will ensure that you dont incur any interest or payments due until you graduate. this being said you should still get a part time job to pay off as much debt as possible before you graduate. keep in mind your credit rating, its probably the most important aspect of your life outside of your immediate family and friends. you wont be able to finance anything expensive with bad credit.

[swole44]

i do have a job but with 35 hours of school a week plus gas/insurance/food making payments is harder.

i think im going to do it ..

[Richter]

In an earlier thread I recommended this.

http://www.pcmastercard.pcfinancial.ca/rocen/cardapp/index.htm

This will help you save a smack load of money on interest. For $3000 you'd have to pay $120 ish a month as a minimum payment. Interest would be like $2.80 a mth.

Hope this helps.

[wmk]

When I was in university, I got into about 3-4k of credit card debt. It was so hard to pay off while going to school that it taught me a real good lesson. I never had credit card debt again and now I only pay cash for things. It was a hard lesson to learn.

[Richter]

When I was in university, I got into about 3-4k of credit card debt. It was so hard to pay off while going to school that it taught me a real good lesson. I never had credit card debt again and now I only pay cash for my hookers and crack. It was a hard lesson to learn.

I hear ya brother!

[wmk]

I hear ya brother!

Haha hah... that made me laugh quite a bit, thanks for that :P

[swole44]

yeah most of this debt is fairly old. i have got a lot smarter with my money.

[Richter]

Then seriously consider that 0.97 deal for 12 months. It will save you a lot in interest!! I saved... well.. let me think... I payed $25 interest in 6 months for $6000 vs $500 in interest on my credit line for the same amount. Was it worth it... HELL YA!

[Richter]

Haha hah... that made me laugh quite a bit, thanks for that :P

It's all about the green brother... all about the green! :tu

[swole44]

Then seriously consider that 0.97 deal for 12 months. It will save you a lot in interest!! I saved... well.. let me think... I payed $25 interest in 6 months for $6000 vs $500 in interest on my credit line for the same amount. Was it worth it... HELL YA!

i dont really get what that is. is transfers my money onto that card and i make payments?

[Richter]

Well... basically it's a regular credit card. You get 3 welcome cheques that you can use to pay off other credit cards. With those cheques it's rated at 0.97% interest. I used 2 cheques to pay off two credit lines and never used the card since then. I've been paying $125 a month for the last 6 month until the "offer" is over. Then I'll throw it back on my credit line. Helped me save lots.

Make sense?

[swole44]

makes sense. thanks bro, i will look into it.

[spitfire]

Transfer your balance to a cheap interest credit card and concentrate on paying it off ASAP. 3-4k is not that hard if you deprive yourself of some stuff you don't really need. You'll feel so much better once your out of debt.

If you can't get another cc then mathematically, you would be logical to use your student loan as the interest is much cheaper, and the interest is a tax deduction. But the answer is really to not depend on reorganizing your debt but instead to pay it off asap.

[Bowlcut]

Well what kind of loan is it?
Is it a student line of credit? If so your interest is prime plus one so at the moment 3.25%. Most likely you have a student visa card so that is 18% annual interest.

The decision should be made there. Also usually student line of credits only require you pay interest while you are in school and for the year after your graduate.