Credit Card Debt In LS Forum
- JDndMSW
- Posts: 602
- Joined: Wed Jan 12, 2011 4:32 am
Credit Card Debt In LS
I have about 6k in credit card debt. 2k is from my major card and the other 4k are from three different retail stores. It shouldn't be an issue paying them while in school because the minimums amount to less than 200 a month. I was wondering however if there would be a better way to work on paying them down. Would I debt consolidation help at all? My credit history isn't terrible but I had two things go into collections that should not have 5 years ago that I am pretty much helpless at getting them off. I have no other debt and my COA will only be about 50k (12k being subsidized). Sorry for rambling I have a beer buzz.
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- Posts: 41
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Re: Credit Card Debt In LS
Roll them over into fed loans. Just take out more than you need for cost of living and use the proceeds to pay off and cancel those credit cards. You'll also have lower rates + potential forgiveness with the Fed loans.
Last edited by bubba on Thu Jul 25, 2013 8:17 pm, edited 1 time in total.
- Nova
- Posts: 9102
- Joined: Sun Apr 15, 2012 8:55 pm
Re: Credit Card Debt In LS
^yeah that's what I'm doing with my 2k cc debt.
For credit score purposes, I am keeping the cards open though.
For credit score purposes, I am keeping the cards open though.
- JDndMSW
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Re: Credit Card Debt In LS
Can you explain more how this works.Nova wrote:^yeah that's what I'm doing with my 2k cc debt.
Don't cancel the cards though. Just pay them off.
I plan to take out the max for COA and am just a bit nervous because I have never not worked and the whole big lump sum in the beginning scares me.bubba wrote:Roll them over into fed loans. Just take out more than you need for cost of living and use the proceeds to pay off and cancel those credit cards. You'll also have lower rates + potential foregiveness with the Fed loans.
- JamMasterJ
- Posts: 6649
- Joined: Sat Jan 29, 2011 7:17 pm
Re: Credit Card Debt In LS
max COA isn't actually the maxJDndMSW wrote:Can you explain more how this works.Nova wrote:^yeah that's what I'm doing with my 2k cc debt.
Don't cancel the cards though. Just pay them off.
I plan to take out the max for COA and am just a bit nervous because I have never not worked and the whole big lump sum in the beginning scares me.bubba wrote:Roll them over into fed loans. Just take out more than you need for cost of living and use the proceeds to pay off and cancel those credit cards. You'll also have lower rates + potential foregiveness with the Fed loans.
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- Tiago Splitter
- Posts: 17148
- Joined: Tue Jun 28, 2011 1:20 am
Re: Credit Card Debt In LS
Well if you run out of money you've got at least 6K in credit to draw on.JDndMSW wrote:Can you explain more how this works.Nova wrote:^yeah that's what I'm doing with my 2k cc debt.
Don't cancel the cards though. Just pay them off.
I plan to take out the max for COA and am just a bit nervous because I have never not worked and the whole big lump sum in the beginning scares me.bubba wrote:Roll them over into fed loans. Just take out more than you need for cost of living and use the proceeds to pay off and cancel those credit cards. You'll also have lower rates + potential foregiveness with the Fed loans.
- guano
- Posts: 2264
- Joined: Mon Feb 18, 2013 9:49 am
Re: Credit Card Debt In LS
Pay off your credit cards. Cut them in half, stop using them. What part don't you understand?JDndMSW wrote:Can you explain more how this works.Nova wrote:^yeah that's what I'm doing with my 2k cc debt.
Don't cancel the cards though. Just pay them off.
- JDndMSW
- Posts: 602
- Joined: Wed Jan 12, 2011 4:32 am
Re: Credit Card Debt In LS
So how would I go about taking more out? I understood that what the school deems is the COA is all you can borrow unless you need something like a laptop or extra for childcare?JamMasterJ wrote:max COA isn't actually the maxJDndMSW wrote:Can you explain more how this works.Nova wrote:^yeah that's what I'm doing with my 2k cc debt.
Don't cancel the cards though. Just pay them off.
I plan to take out the max for COA and am just a bit nervous because I have never not worked and the whole big lump sum in the beginning scares me.bubba wrote:Roll them over into fed loans. Just take out more than you need for cost of living and use the proceeds to pay off and cancel those credit cards. You'll also have lower rates + potential foregiveness with the Fed loans.
- JDndMSW
- Posts: 602
- Joined: Wed Jan 12, 2011 4:32 am
Re: Credit Card Debt In LS
Where am I getting the fucking money?guano wrote:Pay off your credit cards. Cut them in half, stop using them. What part don't you understand?JDndMSW wrote:Can you explain more how this works.Nova wrote:^yeah that's what I'm doing with my 2k cc debt.
Don't cancel the cards though. Just pay them off.
- Nova
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- Joined: Sun Apr 15, 2012 8:55 pm
Re: Credit Card Debt In LS
Student loans. Take out 20kJDndMSW wrote:Where am I getting the fucking money?guano wrote:Pay off your credit cards. Cut them in half, stop using them. What part don't you understand?JDndMSW wrote:Can you explain more how this works.Nova wrote:^yeah that's what I'm doing with my 2k cc debt.
Don't cancel the cards though. Just pay them off.
- TheThriller
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Re: Credit Card Debt In LS
from the government
- arkgawilson
- Posts: 155
- Joined: Sun Oct 21, 2012 6:33 pm
Re: Credit Card Debt In LS
JDndMSW wrote:Where am I getting the fucking money?guano wrote:Pay off your credit cards. Cut them in half, stop using them. What part don't you understand?JDndMSW wrote:Can you explain more how this works.Nova wrote:^yeah that's what I'm doing with my 2k cc debt.
Don't cancel the cards though. Just pay them off.
You can only borrow up to your schools COA (with the exception of one-time budget increase for laptop). So use the extra money to pay them off, and if possible, transfer the balance onto one card with lowest interest rate so you have one payment (in the event the amount of $ you take out in loans doesn't cover the full amount you need to pay it off, or if you need to keep that money to actually live on)
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Re: Credit Card Debt In LS
From the money tree.JDndMSW wrote:Where am I getting the fucking money?guano wrote:Pay off your credit cards. Cut them in half, stop using them. What part don't you understand?JDndMSW wrote:Can you explain more how this works.Nova wrote:^yeah that's what I'm doing with my 2k cc debt.
Don't cancel the cards though. Just pay them off.
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Re: Credit Card Debt In LS
I'm in a similar situation as OP. I've always had a job and it'll be strange not having an income when law school starts.
I've also heard that using student loans to pay off credit card debt may be illegal? Can anyone comment on this?
I've also heard that using student loans to pay off credit card debt may be illegal? Can anyone comment on this?
- Nova
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Re: Credit Card Debt In LS
umm Ive never heard thatcaligirl8 wrote: I've also heard that using student loans to pay off credit card debt may be illegal? Can anyone comment on this?
- Tiago Splitter
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Re: Credit Card Debt In LS
You're supposed to only use loans for the items listed by the school as composing the cost of attendance but no one is going to prison for paying off CC debt. At the end of the day the amount you can borrow is limited and it's up to you to decide what to do with it.Nova wrote:umm Ive never heard thatcaligirl8 wrote: I've also heard that using student loans to pay off credit card debt may be illegal? Can anyone comment on this?
- Nova
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Re: Credit Card Debt In LS
I pay off my credit cards with loans and then use my credit cards for COL
its a depressing cycle
its a depressing cycle
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- Tiago Splitter
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Re: Credit Card Debt In LS
Haha I think we all do. I mean my friend does.Nova wrote:I pay off my credit cards with loans and then use my credit cards for COL
its a depressing cycle
- hichvichwoh
- Posts: 443
- Joined: Fri Mar 16, 2012 11:21 am
Re: Credit Card Debt In LS
so we're all your friend. how niceTiago Splitter wrote:Haha I think we all do. I mean my friend does.Nova wrote:I pay off my credit cards with loans and then use my credit cards for COL
its a depressing cycle
- JUCO
- Posts: 29
- Joined: Wed Jan 29, 2014 3:26 pm
Re: Credit Card Debt In LS
Read some of Dave Ramsey's books about getting into CC Debt.
- luuma
- Posts: 246
- Joined: Sat Dec 10, 2011 2:04 am
Re: Credit Card Debt In LS
I had a good laugh reading through these posts, especially because I can relate to a lot of what was mentioned... but also because of the cynicism meeting the naivety of others. En fin, I agree. absorb it into your student loans.
- Jackie U
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- Joined: Fri Mar 28, 2014 10:53 pm
Re: Credit Card Debt In LS
One hope is to land a 1L SA spot. You’ll only have a couple shots at making that happen….just make sure you nail one. CC debt is great motivation!
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