Combine Credit Card Debt

In august i will be going away to school. the cost of tuition is around 17,000 a year. at the same time i have about 4,000 dollars in credit card debt. is there any way i can payoff my credit card debt by adding it to my student loans? and how do i go about getting a student loan?

apply for federal student loans at http://fafsa.ed.gov

But be aware, you are limited to borrowing no more than the published cost of attendance of your school minus your EFC amount. (The cost of attendance is more than the cost of tuition). Also the money is given to your school and divided in half. You would get half your loan in the fall and half in the spring.

Here is a good book listing the interest rates and the max amounts you can borrow. pg 9 and 11. Plus the different types of grants and such.

Privately funded student loans (outside fafsa) are a bad idea. Higher interest rates, high fees, not to mention you will have to get a cosigner.

2008-06-04 17:50:49 by MahDick

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I have 3 credit cards. Altogether I owe about $1,500. I've been thinking, would it make more sense to combine all three debts into one card. This one card would be an additional fourth card with a higher credit limit and 0% APR till April 09. I'm paying extra finance charges for late fees on my other cards so I'm thinking it would be good to put them all into one card and have a clean start. What do you guys think?

It's risky. If you are late one time, those tend to go into a default rate at about 35%.

So if you do it, don't be late. Also read the fine print. Often there is a balance transfer fee equal to 3% of the balance.

I would do it if I KNEW I could meet the following:
1) Pay on time/early EVERY month
2) Pay it off before the 0% APR expired (the rate usually goes up pretty high after that)

2008-04-13 12:44:26 by Suicidal Mussel

My husband and I have a combined credit card debt of 10k we both have credit scores in the high 600's but would like to buy a new car and wipe out our credit card debt. If I sell our current car that we own and pay off the credit cards how long will it take for our score to go up?

that all depends on the limit on the bank. if it was less than 50% on each card that was paid it will not have a huge impact but will raise the scores. If it was a high limit on the bank it will have alarge effect in the next reporting. Know this not all comanies repot monthly--some just quarterly

2008-05-19 13:00:28 by mcnivenja

Im about $12000 in debt and want to get out now before I get more in debt. Im young, don't own a house and have a credit score of around 698.

The best way to pay off your bills... and get out of debt!

Make sure you pay all of your minimum payments; WHILE you attack your lowest debt. Attack it in the sense of pay as much as you can. Once you pay that one off, go to the second lowest debt and so on.

This is key and it really makes you feel like you are getting your debt paid off fast.

Make a monthly and/or weekly chart with what money comes in and what money goes out.

Best of Luck,
Elizabeth R.

2008-06-11 18:41:12 by Alex S

Just curious what the 'real' average credit card debt load really is...my wife and I just took out a low interest personal loan to pay off our combined credit card debt of $4500 that we have lingering from college, we haven't made any purchases on the stupid things for over a year...where do you stand?

You did a smart thing. Revolving (credit card) debt is FICO scored as % balance to credit line - and anything over 50% is scored badly.

A installment loan will usually not change the score much one way or another.

My debt - I use the card for business travel, and it's usually paid to zero every month. The card is just for convenience and a bit of float.

2007-07-12 19:43:13 by Matt D