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Yes, you can. However, you may be just delaying the issue without solving the cause, because you eventually will have to pay the loan. In addition, you are adding the costs of fees, interest rates, late payment charges, and compounding interest to the cost of your original purchase. If you choose to do this, cut up all but one card and pay that one off each month. This will help you improve your credit rating and help you avoid taking student loans for other expenses.
What else can I help you with?
Should you pay student loan with line of credit?
I heard you can write off you student loan if you put it on your house/line of credit. But i thought you could do that anyway. Anyone know?
Will a credit score be better or worse if you take out an unsecured personal loan to pay off credit card debt?
If you get a loan, pay off credit cards and keep the loan payments current until it is paid off. Your CR will be pretty darn good.
How can credit cards be used to pay off loans effectively?
Credit cards can be used to pay off loans effectively by transferring the loan balance to a credit card with a lower interest rate, making consistent payments, and avoiding unnecessary spending on the card.
Can you get a student loan default off credit?
Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.
How can one pay off student credit card debt?
There are many ways to pay off student credit card debt. Some of the ways to pay off credit card debt are borrow against life insurance, get a home equity loan, renegotiate the term with a creditor and many more.
Should you pay student loan with line of credit?
I heard you can write off you student loan if you put it on your house/line of credit. But i thought you could do that anyway. Anyone know?
Will a credit score be better or worse if you take out an unsecured personal loan to pay off credit card debt?
If you get a loan, pay off credit cards and keep the loan payments current until it is paid off. Your CR will be pretty darn good.
Can student loan money be used to pay off your parents' high interest not-education-associated credit card debts?
Many times the money for a student loan is transfered directly from the lender to the University. Therefore you would be unable to do this. If your parents have high interest credit cards, the best thing to do would be to refinance your home or get a home equity loan. These are available to many people even if they have bad credit, they just have to have equity in the home. Another option would be for them to goto a credit consoling agency. They may be able to help them pay off their credit cards or get the rate reduced or payments combined. Henry
What is the best way to pay off my credit cards and student loan debt?
To pay off loans and debt, be sure that you are paying more than the minimum payment. Stop using your credit cards and pay for everything with cash. When you see actual cash going out, you will me less likely to spend.
How can credit cards be used to pay off loans effectively?
Credit cards can be used to pay off loans effectively by transferring the loan balance to a credit card with a lower interest rate, making consistent payments, and avoiding unnecessary spending on the card.
Can you get a student loan default off credit?
Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.
How can one pay off student credit card debt?
There are many ways to pay off student credit card debt. Some of the ways to pay off credit card debt are borrow against life insurance, get a home equity loan, renegotiate the term with a creditor and many more.
How do I optimize paying off several credit cards?
Always pay off the one with the highest interest rate first. If you own a home you can refinance and take out cash to pay off your credit cards. I have no doubt that the interest rate you get on a refinance of your home loan will be lower than your current credit card rates.
Are you better off having no credit cards or having multiple credit cards with no balance?
Its best to have only a few credit cards to no credit cards. Say you have 4 credit cards with a 500 limit on each and a zero balance, There is the potential for you to charge 2000.00 whenever you want. When you have so much available credit, Lenders are scared to loan to you, Therefore hurting your credit. Best bet: If you dnt use 'em, Lose 'em.
What is it called when you pay off your credit cards monthly?
If you are referring to the monthly payments you make for a certain period in connection to a credit card loan, it is called monthly amortization.
Whether its easy to get a loan from his or her bank to pay off credit card debt.?
You will need to check with your bank to see if you quality for a loan. This is a good idea if you can qualify if you can get a lower interest rate from the bank that the rates on your credit cards.
If a student loan disappeared off your credit report but you still owe money on the loan can they put it back on your report?
It would depend on the type of student loan. Federally guaranteed student loans have no expiration under existing laws, and will indeed reappear and can be collected on and sued over until they are paid.
