Help with Credit Card Debt!!?!?!?

Help with Credit Card Debt Please?!?!?

I am a student and have come across an emergency with my car. So now I have a decent size credit card balance that only stresses me out the more I think about it. I have been going over my options and have yet to figure out which is best for me short term and long term.

1) I could take out a federal student subsidized loan to pay the balances off and make life less stressful right now and worry about it later.

2)I could just keep paying the minimums on the credit cards and watch that not really do anything at all to the balances.

3) I could transfer my balances on two of the cards to my main credit card with the biggest balance at a lower introductory rate APR.

4) I could ask for some advice on what I should do on Yahoo Answers.

Any help/advice would be greatly appreciated. AHHH!

Help with Credit Card Debt!!?!?!?

You really need to pay more than the minimum to pay off credit cards. Pick the highest interest card and pay more than the minimum while continuing to pay the minimum on the others. Once the one is paid, take all the money going to that one and pay the next higher interest card. Keep doing this until they%26#039;re all paid. This calculator uses this strategy and will give you a monthly payment schedule. Follow it and get out of debt!

http://debt.bizcalcs.com/Calculator.asp?...

Why do people only pay the minimum? If you can afford the minimum one month, why not pay at least that amount from now on? This calculator will show you how long it will take and how much interest you pay if you pay minimum...

http://debt.bizcalcs.com/Calculator.asp?...

And this one shows how much interest and how long it will take if you pay the same amount each month instead of dropping it to what the statement says is the minimum...

http://debt.bizcalcs.com/Calculator.asp?...

Run them side by side, it%26#039;s eye-opening. Good luck to you, you can do it!

Help with Credit Card Debt!!?!?!?

say youre paying $250 a month in total credit, (3 cards?) pay the minimums on 2 of them and attack the other until it is gone, then destroy it. then continue onto the next card. pay offthe card with the highest apr first.

Help with Credit Card Debt!!?!?!?

Do #3 - transfer and try to pay more than the minimum each month - try to pay as much as possible each month - even if that means giving up some other things that aren%26#039;t necessities - like going out, etc... In no time you will see the debt whittle away! Good luck - you can do it!!

Help with Credit Card Debt!!?!?!?

Take out the student loan.

Many people hate the idea of long-term indebtedness, but federal student loans cannot be beat.

Interest rates are slightly higher now than they were a few years ago, but you can get a federal student loan at 7.22%. There is NO credit card that will give you that rate unless you have a long credit history, high income, and a stellar score.

Other drawbacks to credit cards vs. student loans, you can%26#039;t call them when you aren%26#039;t making a lot of money (between jobs) and get a deferment. You also can%26#039;t call them to get a deferment if you%26#039;re unemployed. You also can%26#039;t defer accrual of credit card interest if you go back to school.

Many people hate debt. Not all debt is bad debt. Credit card debt is extremely bad debt to carry, but banks necessitate us doing it by making every living process contingent on credit because ultimately they make money off of it. Even at 16% interest, the $1 you purchase today in car repair will cost you $1.16 next year as opposed to $1.07 in student debt. And, when you%26#039;re done with school, you can consolidate even one federal student loan for an even lower interest rate.

Paying credit card minimums is just not smart. They are calculated not to be paid off for 35+ years. Opening more credit cards? You should only have 2-3 cards. You shouldn%26#039;t open a lot of accounts, and you shouldn%26#039;t close active accounts if you want to maintain a good credit score, with what I imagine is not a lot of income.

If you decide to go student loan, make absolutely certain you get it from the FEDERAL Govt through Direct Loan Servicing Program and not from a Private bank that manages student loans.

Help with Credit Card Debt!!?!?!?

As a student, you could get a government student loan consolidation by locking in record low interest rates before they go up.

there are four government student loan consolidation plans for you to choose from, so choose your pick.