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Credit Card Debt And College Student
Robert Said:Can I consolidate credit card debt into a student loan?
We Answered:Yes, you can get the loan and then use the money to pay off the credit card....the school just gives you a check from the loan money (after they take out tuition) so you can spend it however you want.
Maria Said:College Student Needing Serious Credit Card Debt Help?
We Answered:Pay what you can each month. They can't do anything if you are making some kind of payment. Don't let is stress you. This is such a common problem with college students because the banks love taking advantage of you!!! Hang in there. It will get better.
Mitchell Said:College Student With Credit Card Debt Help?
We Answered:Make sure you make good on that Wamu card payment.
Honestly right now school supplies = yes
New clothes = no. I'm sure you have clothes that you can wear until your debts are paid off. It's not wise to buy anything that's not necesary in your circumstance. Your $1600 can and will easily inflate into much higher numbers as interest is contstantly being accrued. Pay off what you can ASAP and don't buy any clothes, eat out or anything uneccesary until you do. Easy on the snacks and learn to cook and bring brown bag lunches to class.
Jean Said:College student: How to get out of Credit Card debt?
We Answered:I would suggest first looking at your expenses and try cutting some costs. Try to come up with an extra 100 dollars (ex. Don't eat out as much, carpool, bring lunch to work).
Next take all other payments you are making to other debts and bring them down to the minimum payment. The next step is to apply all the excess that you were paying and the extra $100 you came up with towards the credit card. As soon as you do this you will see a significant difference in your balance. Once that card is paid off, take all that money that your were applying to the credit card and pay off your next debt. This is a great way to quickly get out of any kind of debt.
Mathew Said:I am a college student in some serious credit card debt. Can i consolidate and defer till i graduate?
We Answered:I would not recommend that you get a payday loan...That only makes things worse! So please don't do that.
If you are going to cover debt by debt. It would be good to consolidate. But you should becareful with consolidation companies. At this age you need to let banruptcy be your last resort. If it is just credit card debt, there is a way out.
Transfer you balances is a thing to do, if you can get approved for a card that is high enough. But, get rid of all but one of your credit card. Let that be for emergency only..
Do you have a local bank... Talk to them about a consolidation loan, tell them what you want to do. In many cases, they can help you. If you credit score is high enough you should not have any problems getting your debt consolidated.
If you don't have a local bank, you mention that you are a student. You can get student loan like Citibank for additional funds. Since it would be classified as a student loan, your principal payments could possibly be put off until you graduate or atlest for a few years. You will probably have to pay interest.
But you are not totally out the clear, you have to pay to cover your cost. Sorry but life is not free and everyday we rack up a bill just by living. So you are going to have to get a job if you don't have one to pay this debt. You do not want to have horrible credit in times like these so do what ever you can to prevent it.
Jamie Said:can financial aid/student loads cover credit card debt?
We Answered:Wow that sucks. That's why I never let the credit card company raise my credit limit past $500 - cause I know I would spend it.
Don't take out a loan to pay this, because your loan will then be in arrears and your credit will suffer either way.
Don't stop school, go find a job at night and try to pay it off. When you get your tax return in a few months, don't go shopping and blow it on a bunch of garbage. Make a decent payment on your credit card and continue to pay the minimum monthly payment after that.
Please don't drop out, you will never be back in school again, trust me!!! I have been there. You will procrastinate until you are like 30 and you will be even more broke because you will be working some crappy job and will not have a degree.
Good luck, you may want to consider just cutting up the credit card. I did this with my debit card cause I was blowing through my $, so now I can't go to an ATM or make debit card purchases, only write checks. When I need even $10, I am forced to drive to the bank and withdrawl, which normally discourages me from doing it and I save $.