Pay Off Credit Card Debt With Student Loans
Posted on
May 17, 2010
at
11:34 pm
hi is it wise to pay off credit card debt with student loans?
Posted on
May 18, 2010
at
4:28 am
hi is it wise to pay off credit card debt with student loans?- no. it's never wise to add to your unsecured debt (student loan) just to pay off your unsecured debt (credit card).
Posted on
May 18, 2010
at
5:20 am
pay off credit card debt with student loans - I think it's a bad idea. You know you have another option and that is to enroll in a debt relief program. Depending on your balance or debt amount and your account status - you can do either credit counseling debt management plan or debt settlement. How much is it that you owe? And are you already getting collection calls?
Posted on
May 18, 2010
at
8:08 am
Hi C. before you pay off your credit card debt with student loan, think of the years that you'd add to your student loan repayment. If you solve your credit card problem via credit counseling or debt settlement, you'd have a chance of being debt free in 5 years or less. As to which program best suits you, would depend on your total debt amount and account status.
Posted on
May 18, 2010
at
8:11 am
If you owe $10k or more and your accounts are past due, you can do debt settlement, which can help you be free from your credit card debt in less than 3 years. Regarding the fees, it's 15% of your total debt amount, spread over 18 months, or 20-25% of the settlement amount.
Posted on
May 18, 2010
at
8:18 am
oh thanks..but my credit card debt is not that high...it's less than $10k, haven't yet calculated but I'm sure it's not that high ..although if you add the late fees..well, I'm not sure, but do I have another option? Also how about my credit report, how is it going to be affected by settling? And if I am to settlehow do I choose a company?
Posted on
May 18, 2010
at
8:20 am
If you owe less than $10k and youre still current you can instead do debt management plan. it's about negotiating your interest rates so you can get at your principal debt much quicker. the program runs for 3-5 years. but you may default on your monthly payment. you'd be kicked out of the program and might end up worse than when you've started. as for the fees , it's $25/mo after a one time set up fee.
Posted on
May 18, 2010
at
8:22 am
Hello C, regarding debt settlement's effect on credit? it stays on the report for 7 years. debt management, on the other hand, stays only as long as you're in it.
Posted on
May 18, 2010
at
8:23 am
Hi C, to answer your question about choosing the right company, destroydebt.com and help you out with that, just fill out a form here. But if you'd rather do it yourself, here is a guideline, -The settlement company's program must have a fast completion time. 12-36 months. -The program must be able to protect and improve the consumer's credit standing. -Must be a member of the Better Business Bureau, BBB, for at least 5 years. -Must also have a good standing with the Chamber of Commerce -A Member of TASC - The Association Of Settlement Companies and the IAPDA or the International Association of Professional Debt Arbitrators
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