College Student Credit Card Debt

Author: presentvalue
Joined: 11 Oct 2004
Posts: 1
Posted: Mon Oct 11, 2004 4:06 pm
Post subject: 30,000 in Credit Card Debt as a College Student

Hello, I am a college student who, for very necessary and unfortunate reasons, has 30,000 in debt on one CC. I have a very clean, very good credit record without one late payment. However my CC payment is about 1,000 per month now. If I am not able to maintain the 1,000/month, what are any suggestions for dealing with this debt without harming my credit record (especially as I need it for future student loans) being that I am a full-time student in an intense program (aside from a higher income). Any advice is greatly appreciated. Thank you.

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Author: puck71
Joined: 21 Jul 2004
Posts: 12
Posted: Tue Oct 12, 2004 11:59 pm

Not sure if it's feasible, but try to transfer to a card that has 2% minimum payments...which most of the major ones do. 2% on $30000 would only be $600 a month.

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 490
Posted: Wed Oct 13, 2004 1:11 pm

presentvalue, Thanks for your post and welcome to the board. 30,000 on just one card...yikes! It's amazing that they extended that much of a credit line to you as a college student. Do you know what your credit score is?

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: mouse
Joined: 29 Jul 2004
Posts: 132
Posted: Wed Oct 13, 2004 8:24 pm

SMELLS FISHY...

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Author: bodeh6
Joined: 29 Nov 2004
Posts: 13
Posted: Mon Nov 29, 2004 4:49 pm

You obvisouly are foolish. How did you do that? Do you not have self control? Common sense?

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Author: consumercity
Joined: 10 Nov 2004
Posts: 65
Location: Cincinnati, OH
Posted: Mon Nov 29, 2004 5:16 pm

I agree with what puck71 suggested. Transfer the balance to a card with lower minimum payments-- and lower interest if possible.

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