College Student- Debt consolidation Question

Date: Tue, 02/05/2008 - 21:12

Submitted by anonymous
on Tue, 02/05/2008 - 21:12

Posts: 202330 Credits: [Donate]

Total Replies: 4

Scenario: I'm a 21 year old college student with a steady 40k/yr income (690 fico.) Heres my problem: I got stuck on this 22% interest rate card with my bank about 5 years ago, my credit score is great i've never missed a payment but i've seem to rack up a 5k balance over the years. I pay double/triple the minimum due and i'm barely moving anywhere. I also have a $900 balance on a 30% Juniper card (sucked into one of those no interest on an new IMAC for 6 months) Last, my rims were stolen off my car a couple months ago and i financed $1400 with a 18% GE card.

Heres my question: Would it be smart to take out a $7,000 student loan from American Education Services and make interest only payments while i'm in school...roll all my bills into one bill and begin initial payments after graduation? Interest rate on the student loan would be 12.9%.

No, it would not be smart. In fact it is actually fraudulent.

No, it would not be smart. In fact it is actually fraudulent. Student loans are for student expenses.
Private student loans are wicked.....no SOL, no BK, no deferment or forebearance.

Your rims....you did not have insurance?

lrhall41

Submitted by SOAPLADY on Wed, 02/06/2008 - 05:23

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I did but my insurance wasn't aware of my aftermarket rims value

I did but my insurance wasn't aware of my aftermarket rims valued at $2k. They said they would cover the stock wheels allowing me $1k but then the premium on my families plan would go up. So i didn't bother making the claim.

What does "wicked" and "SOL" mean? Thanks for the input..

lrhall41

Submitted by on Wed, 02/06/2008 - 08:30

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Any other imput? I've had a few people recommend this.. Can anyo

Any other imput? I've had a few people recommend this.. Can anyone confirm this as fraudulent?

lrhall41

Submitted by on Sat, 02/09/2008 - 13:34

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Wicked: horrible SOL: Statute of Limitations, the amount of t

Wicked: horrible

SOL: Statute of Limitations, the amount of time a creditor has to sue a debtor in the event of default

You'd be smarter to open a new credit card account, take advantage of a 0% interest rate by transferring your balances, and stop using your cards so much.

lrhall41

Submitted by Morningstar on Sat, 02/09/2008 - 20:00

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