Mounting Credit Card Debt
Date: Wed, 02/11/2009 - 16:55
Any help appreciated.
I owe $20,000 in credit card debt, and $5000 in medical bills.
I'm actually on balance transfer rates (0% and 3.99% until June) for $10,000, and the other 10,000 is 3.99% for life (until I miss a payment) I can't seem to get a job at the moment so I'm not going to be able to keep up.
But... I got in to Law School for August, so I think I need to keep my credit respectable in order to qualify for student aid and loans.
Could I settle my credit card debt while in school, or will that ruin my chances to reapply for student loans each year? Should I do it now, or will that ruin me for student loans generally!?
I don't really have a career, which has become blatantly obvious now, hence the law school idea.
Thank you!
Steven
I owe $20,000 in credit card debt, and $5000 in medical bills.
I'm actually on balance transfer rates (0% and 3.99% until June) for $10,000, and the other 10,000 is 3.99% for life (until I miss a payment) I can't seem to get a job at the moment so I'm not going to be able to keep up.
But... I got in to Law School for August, so I think I need to keep my credit respectable in order to qualify for student aid and loans.
Could I settle my credit card debt while in school, or will that ruin my chances to reapply for student loans each year? Should I do it now, or will that ruin me for student loans generally!?
I don't really have a career, which has become blatantly obvious now, hence the law school idea.
Thank you!
Steven
Yes and Yes; though it won't "ruin" you forever. If you choose
Yes and Yes; though it won't "ruin" you forever. If you choose the settlement route, your credit will deifnately take a hit and with tightening loan guidelines, you'll find it very difficult to obtain any type of financing; let alone if you have good credit.
Ok, what about settling credit card debts after I am enrolled an
Ok, what about settling credit card debts after I am enrolled and attending college? Will I need to renew federal aid each year or will I automatically get it for the duration of my grad school education?
Thanks!
Steven