money experts!

[Shazam]

Originally Posted by IliketoPuck

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.

Exactly. See, once again CP pulls through with excellent financial advice!

[pylon]

I see the havoc cerdit card debt causes in peoples lives on a daily basis. TDSR (Total debt service ratio) is the number one reason I cannot approve loans for people. Unfortunately, students tend to be the worst offenders, since money management at a young age is near impossible to learn without proper context of having real bills.

My only advice would to be yes, take a low interest line of credit, student loan, or consolidation loan... ONLY if you reduce your CC limit to less than $1000. If you are ever desperate, and need a large amount for an emergency, like a funeral, or medical emergency... most Credit card companies will usually increase your limit if you have had a high limit in the past, and a reliable payment history.

However, if you have ever been behind on payments, and you pay off the balance on the card, you might have to use good old fashioned self restraint, as they likely won't re-up your limits again if you lower them with a derogatory payment history.

[daaznfob]

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.

I put this years tuition on my credit card, just because my student loans took a while getting here. So once I received my loans i put a bit back into my credit card and kept some on my chequing (yea not the best ideA). Also alot of car maintanence and repairs. Food, going out, but most of the time i just pay cash or use by debit. I dont party everyweekend, most of my money goes to food, parking, bills. I do have a p/t job, i have about 4000 in savings, i just dont wanna put alot of it into my credit card, just in case something happens

[daaznfob]

Originally Posted by MoneyGuy

Of course. Is this a trick question?

LOL ya i know. just wanted to know opinions of others in case i dont know what im getting in to

[daaznfob]

Originally Posted by 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.

Yea im not quite sure,i will look at my options i guess.. Thanks for the help everyone!

[Bring_Back_Shantz]

Originally Posted by daaznfob

I put this years tuition on my credit card, just because my student loans took a while getting here. So once I received my loans i put a bit back into my credit card and kept some on my chequing (yea not the best ideA). Also alot of car maintanence and repairs. Food, going out, but most of the time i just pay cash or use by debit. I dont party everyweekend, most of my money goes to food, parking, bills. I do have a p/t job, i have about 4000 in savings, i just dont wanna put alot of it into my credit card, just in case something happens

Well, my thinking would be that you keep the credit card empty just in case something happens.
You're much better off to put that $4000 into paying off your high interest debt now than to hang onto it while interest accrues on money that you owe.

Yes, it's not a great idea to be relying on a Credit Card for emergencies, but it's also not a great idea to throw money away on interest becasue of what might happen in the future.

[IliketoPuck]

^ This. 18-20% interest a year is a kick in the balls. You are a credit card company's favorite client, the one that gives them free money by not paying off your balance every month.

Take your $4,000 and pay off the credit card immediately. Call the credit card company and get a lower limit. Consolidate debt, and try to avoid paying the ridiculous amounts of interest. A bad credit score is never good moving forward.

[JustAnotherGuy]

Originally Posted by Agamemnon

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........

There will always be somebody who responds with an example of how they do something better than the original poster. I have no idea why they feel the need to respond. Does it make them feel better about themselves? Do they enjoy kicking a guy when he is down?

I have seen people post on other boards saying they are going to lose their house and car and wife etc. Then somebody will say something like. Well, if you save money like me you would be in a better spot. I own my house out right and take family vacation every second year. LOL

[J pold]

I'm also a student and recently paid off all my debt on my credit card. It took me about 3 months and I worked and, saved my ass off but I did it. It was an awesome feeling seeing that outstanding balance go to $0.00.

[Komskies]

Yoo tootally need to larn how to booget yar mooney properly. I will shoe you some seemple tips to haylp yoo get oot of debt.

[WilsonFourTwo]

Originally Posted by Komskies

Yoo tootally need to larn how to booget yar mooney properly. I will shoe you some seemple tips to haylp yoo get oot of debt.

Laugh all you like - that woman knows her stuff.

Personally, I think her series should be mandatory viewing in for senior high students. Heck, high senior students could probably benegit too.

[Komskies]

Originally Posted by WilsonFourTwo

Laugh all you like - that woman knows her stuff.

Personally, I think her series should be mandatory viewing in for senior high students. Heck, high senior students could probably benegit too.

For sure. I wasn't poking fun at her intelligence or anything, she actually does have really good advice for people who seriously need it.

But she has the booniest accent I have ever heard.

[Homer_J]

Here' another question for the experts:

I have a CC that is offering me a low interest balance transfer. The rate is guaranteed until the balance is paid off. The rate they're offering me is quite a bit lower than my student loans. I figured out I could save quite a bit by transferring my loans, even after considering the tax savings of the loans.

Would this hurt my credit rating? What are the reasons I shouldn't do this? Thanks.

[pylon]

Originally Posted by Homer_J

Here' another question for the experts:

I have a CC that is offering me a low interest balance transfer. The rate is guaranteed until the balance is paid off. The rate they're offering me is quite a bit lower than my student loans. I figured out I could save quite a bit by transferring my loans, even after considering the tax savings of the loans.

Would this hurt my credit rating? What are the reasons I shouldn't do this? Thanks.

The only thing it will do to your credit rating is create an inquiry on your bureau, which is minimal. One or 2 inquiries a year will not hurt your score one iota. However, ramfiring applications to a bunch of different places in a short period of time will do 2 things. 1) signifigantly lower your beacon score 2) let all the othwer creditors know your are credit seeking. #2 can be very difficult to get around, as every creditor can see what creditors have made inquiries about your bureau.

[Deegee]

Refinancing your student loans also has tax implications.

http://www.cra-arc.gc.ca/tx/ndvdls/t...0/319-eng.html

From what I understand there is that you can write off student loan interest with fedeferal and provincial loans programs, but you cannot with a credit union or bank.

Refinance and you could lose out on that...

[Deegee]

Originally Posted by pylon

The only thing it will do to your credit rating is create an inquiry on your bureau, which is minimal. One or 2 inquiries a year will not hurt your score one iota. However, ramfiring applications to a bunch of different places in a short period of time will do 2 things. 1) signifigantly lower your beacon score 2) let all the othwer creditors know your are credit seeking. #2 can be very difficult to get around, as every creditor can see what creditors have made inquiries about your bureau.

IIRC each successive multiple hit in a short period of time (six months) lowers the score by 20 points for Equifax. I can't recall how long it takes to get those points back...