Paying off Credit Cards and Student Loan Tips
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Posted: Sat Jan 08, 2005 3:04 pm
Post subject: Paying off Credit Cards and Student Loan Tips
SkaddenJay
Date: 10/2/2000 10:48 pm CDT
I am a graduate student in New York City who is also working full-time. My credit card debt has lingered around almost as long as my student loans.
I have checked into many debt consolidation programs but they all seem sketchy. Does anyone have any advice? I know it takes time and alot of deep breaths to wipe out one's debt, but if anyone knows a way to make the process a bit easier, I would be very much appreciative. Thank you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Sat Jan 08, 2005 3:05 pm
Post subject: Paying off Credit Cards and Student Loan Tips
Board Monitor - AD
Date: 10/3/2000 10:05 am CDT
Dear SkaddenJay,
You can manage and reduce your credit card debt, but it will require some of your time and more importantly - patience, as it can take several years or more to wipe out credit card debt for those with limited income. The ultimate key is to lower your interest rates, and if possible, pay more than the minimum due. If you are paying high interest rates of 18% or more and are only paying the minimum due, very little of your payments are being applied to the principal balance.
I would recommend going to http://www.creditcardfreedom.com, where you'll find various tips and tools for credit card debt management.
Sincerely,
Alex Daskaloff
http://www.creditcardfreedom.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Sat Jan 08, 2005 3:06 pm
Post subject: Paying off Credit Cards and Student Loan Tips
Carol VanDeventer
Date: 10/11/2000 0:15 am CDT
Jay, there's no easy way of doing this unless you fall into money somehow and NO ONE seems to do that frequently! My daughter graduated with her Vet degree and $70,000 in debt (student loans) and after 5 years is STILL paying on the student loans and........a credit card! As parents we wish we could help but we've even fallen into the credit card trap. About 4 years ago we had our income tax done by a new CPA and that CPA was able help us with income tax refunds which we totally wiped out our credit card debt. THEN, I thought Capitol One's credit card looked good because of the flying miles you could earn and now, I'm $7,000. back in credit card debt. Once I get out of this (and I'm putting every single extra dollar towards paying it) I'm just going to keep the card for emergencies. Good luck. You have to bite the bullet and honestly skip the fun stuff spending for awhile. Altho we all feel we deserve those goodies, we all pay the price eventually. It's good you feel you have to get out of this credit card debt.
Posted: Sat Jan 08, 2005 3:04 pm
Post subject: Paying off Credit Cards and Student Loan Tips
SkaddenJay
Date: 10/2/2000 10:48 pm CDT
I am a graduate student in New York City who is also working full-time. My credit card debt has lingered around almost as long as my student loans.
I have checked into many debt consolidation programs but they all seem sketchy. Does anyone have any advice? I know it takes time and alot of deep breaths to wipe out one's debt, but if anyone knows a way to make the process a bit easier, I would be very much appreciative. Thank you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Sat Jan 08, 2005 3:05 pm
Post subject: Paying off Credit Cards and Student Loan Tips
Board Monitor - AD
Date: 10/3/2000 10:05 am CDT
Dear SkaddenJay,
You can manage and reduce your credit card debt, but it will require some of your time and more importantly - patience, as it can take several years or more to wipe out credit card debt for those with limited income. The ultimate key is to lower your interest rates, and if possible, pay more than the minimum due. If you are paying high interest rates of 18% or more and are only paying the minimum due, very little of your payments are being applied to the principal balance.
I would recommend going to http://www.creditcardfreedom.com, where you'll find various tips and tools for credit card debt management.
Sincerely,
Alex Daskaloff
http://www.creditcardfreedom.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Sat Jan 08, 2005 3:06 pm
Post subject: Paying off Credit Cards and Student Loan Tips
Carol VanDeventer
Date: 10/11/2000 0:15 am CDT
Jay, there's no easy way of doing this unless you fall into money somehow and NO ONE seems to do that frequently! My daughter graduated with her Vet degree and $70,000 in debt (student loans) and after 5 years is STILL paying on the student loans and........a credit card! As parents we wish we could help but we've even fallen into the credit card trap. About 4 years ago we had our income tax done by a new CPA and that CPA was able help us with income tax refunds which we totally wiped out our credit card debt. THEN, I thought Capitol One's credit card looked good because of the flying miles you could earn and now, I'm $7,000. back in credit card debt. Once I get out of this (and I'm putting every single extra dollar towards paying it) I'm just going to keep the card for emergencies. Good luck. You have to bite the bullet and honestly skip the fun stuff spending for awhile. Altho we all feel we deserve those goodies, we all pay the price eventually. It's good you feel you have to get out of this credit card debt.
posted by CardRatings.com at 11:18 AM
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