money experts!

[daaznfob]

Ok so im currently in school, i have roughly $10 000 credit card debt(12%), and $30 000 in student loans. Should i take out a student loan from the bank (TD), since it is interest free until i graduate, and pay off my credit card debt with the loan?

[JiriHrdina]

Credit card debt is terrible. So yes.

[IliketoPuck]

If you don't want to be paying an arm and a leg in interest now then yes.

[IliketoPuck]

It's still the adage "pay me now, pay me later" at some point the debt has to be paid off, but making payments with no interest will help get rid of the principal amount of your debt faster.

[Netskot]

yeah get rid of the credit card debt. looks terrible on your score.

[photon]

As long as the credit card doesn't run back up to $10,000 again, maybe call the CC and get the limit reduced to $1,000.

[Ace]

Originally Posted by IliketoPuck

It's still the adage "pay me now, pay me later" at some point the debt has to be paid off, but making payments with no interest will help get rid of the principal amount of your debt faster.

If you need to carry debt get as much student loan as you can. There is something called remission which to me sounds like free money...

[Ozy_Flame]

Try and consolidate with your bank if you can; that might soften the blow of interest payments and the hassle of managing two debts.

[IliketoPuck]

Debt = D. Phaneuf
No debt = D. Doughty

[4X4]

Originally Posted by photon

As long as the credit card doesn't run back up to $10,000 again, maybe call the CC and get the limit reduced to $1,000.

Lol. You remind me of when I was 22 and Visa offered to send me a (temporarily) low interest card, that I could shift my (massive) $1500 MC debt on to. The Visa had a limit of $3500. It wasn't long before I was in debt $5000. Damn, that took forever to pay off.

[wooohooo]

How did you rack up such a high Credit Card debt? I'm a university student living on my own and have nothing close to this. Mind you I live pretty frugal but not to the point where I can't spend a few hundred dollars here and there. Try not going out every weekend (bars/clubs). But for sure get rid of that credit card debt and maybe get a part time job to pay some of that debt off.

[photon]

Originally Posted by fotze

You absolutely have to do this part, if you pay off the CC debt. If you don't do this step then it is probably better to have that 12g in CC debt.

Lol exactly.. nothing stops you from using credit like not being able to use credit.

[Winsor_Pilates]

That's some pretty rough debt for a student, hope you can crawl out of it. I would for sure get rid of the CC debt, it's the worst kind.
But as others have said, unless you're sure you can start reducing your overall debt, it'll just end up full again. Make sure you have a solid plan for saving and moving in the right direction.

[SeeGeeWhy]

What are the terms of your student loan?

Aren't they a little unforgiving as soon as you get out of school?

Look beyond the immediate interest expense.

You should think about cutting up that card and living on a cash budget for a while. It will take a few months before your credit card use finally catches up with your statements, so you'll be going back to the old student loan well over and over unless you put the CC away.

[Agamemnon]

Originally Posted by wooohooo

How did you rack up such a high Credit Card debt? I'm a university student living on my own and have nothing close to this. Mind you I live pretty frugal but not to the point where I can't spend a few hundred dollars here and there. Try not going out every weekend (bars/clubs). But for sure get rid of that credit card debt and maybe get a part time job to pay some of that debt off.

Love it!

A: I need advice; should I move my credit card debt to a lower interest student loan debt?

B: Why are you so poor? Get a job and pay off your debt.

A: Thanks for your help........

[Shazam]

Take whatever funds you have, get an investment account that allows you to trade on margin and speculate, speculate, speculate!

[MoneyGuy]

Originally Posted by daaznfob

Ok so im currently in school, i have roughly $10 000 credit card debt(12%), and $30 000 in student loans. Should i take out a student loan from the bank (TD), since it is interest free until i graduate, and pay off my credit card debt with the loan?

Of course. Is this a trick question?

[IliketoPuck]

Originally Posted by Shazam

Take whatever funds you have, get an investment account that allows you to trade on margin and speculate, speculate, speculate!

Make sure you have your Ponzi scheme ready to go at the same time. But only if you trade on a margin of greater than 20 to 1.

[Temporary_User]

Are you sure the TD loan will be interest free till you graduate?
I've heard that student loans through banks only make you pay the interest while in school and you will have to pay the rest when you get out.

[WilsonFourTwo]

Originally Posted by 4X4

Lol. You remind me of when I was 22 and Visa offered to send me a (temporarily) low interest card, that I could shift my (massive) $1500 MC debt on to. The Visa had a limit of $3500. It wasn't long before I was in debt $5000. Damn, that took forever to pay off.

Yup. Over 20g in debt by the time I was 20. Lived a uber-meager lifestyle for 2 1/2 years to pay it all back. Lessons learned:

1. Credit is for major purchases that are required in life. Ones that waiting/saving can't get you to. In other words, a house (and to a lesser extent, a car).

2. You simply haven't earned that Trip/TV/Luxury if you need to use credit to buy it. Sorry, it's the truth.

3. If you need to use credit to cover your day-to-day expenses, you've got real problems.....seek budgetary help.

4. When paying off the debt (and I HIGHLY suggest a debt-snowball), cut up all the cards and cancel the account(s) as you pay the balance off.

5. If you keep a card - make it a LOW LIMIT and don't carry it with you. Take it with you when you know that it will be necessary (travel, car rental, etc)