Paying credit cards with student loan - good idea?

Guest 0.10 Dollars($)

I am a college student trying to improve my credit score. i've credit card debts left over for the past few months though i've been paying more than the minimum. will it be wise enough to pay credit card debts using my student loan? is moving around debt a good idea? what if i owe more on the student loan than on the credit cards?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Hall.

Welcome to the forum.

Paying credit card debts with student loan is not a good idea. credit card debts are unsecured debts but student loan cannot be erased or settled. But if you fall behind credit card debts then you can consolidate that debt. So I would suggest to try and pay off the credit card debts but not with student loan. for more info on this topic please have a look at http://www.mortgagefit.com/studentloan/creditcard-debt.html

Hope this helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

manojiitan12 · Joined: 11 Jul 2008 Posts: 1 1.38 Dollars($)

Hi Hall
Do not try to pay minimum because the interest charges you need to pay every month which is very high for any credit card. And if you thinking to moving around the debt then forget it buddy because more you debt more you will face the trouble in future life. Batter do not use credit card..

mack

"http://www.stop-credit-card-debt.com" Credit Card Debt

[Link deactivated as per the forum rules]

Niicss · Posted: Sat Jul 12, 2008 4:01 am Post subject:

Welcome Mack.

Agree with you. Paying minimum will not help. If the guest continues to pay minimum then amount of debt will simply increase. Hey Hall pay your bills on time. That you help you to improve your credit but using student loan to pay the credit card debts is a terrible idea. If you really want to improve your credit then check out the credit repair tool at http://www.mortgagefit.com/calculators/credit-repair.html

Hope it helps. Let me know if you have any further queries.

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.07 Dollars($)

You should always pay more if you can, even an extra $20 a month will pull a bill down pretty quickly. Making the bills on time will avoid the late fees and this will also help build your credit score.

jasonpolito · Posted: Mon Jul 14, 2008 7:20 am Post subject:

I was always told to never pay off debts with other forms of debt. I would just keep paying more than the min. on your credit cards if you can, and on time.

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