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lfguard31 | Should I transfer my college debt to 0% credit cards? |
My wife has about $28000 in school loans. Should I transfer this to credit cards, two in her name and two in mine, with 0% interest and keep flipping credit cards every year to maintain the 0%? |
 |
 
Ben
|
In theory yes. In practice this can be hard as you may not be able to find a card with 0% rate when your previous card's grace period is over, leaving you with a 20+% rate. Also 28,000 is a lot of money which you would have to spread over at least a few cards as most cards wont allow you to do a 28,000 balance transfer. |
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rattyboo
 |
NOOOOOOOOO!! Don't do that!
Credit card debt shows up on your TRW as BAD credit, student loan as GOOD credit. Student loan corporations are MUCH more forgiving, with chances to defer for different reasons. If you miss those credit card payments, they will CRUSH your credit in no time flat.
I have much more on a loan than you do- $140,000. Stay with the student loan people- and consolidate if you have not already. |
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MJ
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NO, this will ruin your credit rating and trap you into high, and escalating interest rates. If it is too good to be true it is. Don't get suckered by the credit card companies. |
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Jess2424
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Definitely Not. Not only is college debt never bad debt, they do work with you if you ever get into financial trouble. And financially, you can 'write-off' the interest you pay on the school loan(under certain household income limits), which you are not able to do with the credit cards. Also, there are laws with school debt's interest rates. There is ceilings on those usually and they can't go higher than a specific amount. After the grace period is up, your 0% credit card will turn into a very high interest rate.
Just keep moving along and if the payments get to high, call the financial aid office and work out a cheaper monthly plan. Remember-options with the school debt. |
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emma s
 |
It's up to you, but I wouldn't. After the 0% time line is over, they will raise your rate higher than the repayment rate of a student loan lender. A student loan will never exceed the rate of 10%. Right now it's the lowest in history. Lock in on a rate. You qualify for many deferments that a credit card won't offer you. Check it out with your financial institution. Some loan companies will give you a break if they can automatically debit your bank account and they may forgive your last two payments for paying on time. Check into these things. Is she done with college yet? If she just got done you get one year before you have to start repaying. Depending on if it's a subsidzed or unsubsidized loan the government may be paying the interest on your loan. You will only pay back the amount borrowed without interest. If you transfer it to a credit card this won't be the case. |
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katb
|
NO! Student loan debt is non-collateral and looks differently on loans. I graduated with $37,000 in school loans and it did not affect getting a house or car loan but if I had that on credit cards I never would have been able to. Plus there are certain jobs that pay off part of you school debt. |
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Jeremy P
|
You'll find strong opinions (on both sides) for this question...
YES, you could definitely carry your balances on 0% APR credit cards and pay no interest until you've paid off your school debts. And YES, switching credit cards on a regular basis will have a slightly negative impact on your credit score.
But the truth is, the small negative impact you may feel on your credit score is only short-term. Once you've paid off your balances and quit switching credit cards on a regular basis, your credit score will correct itself in time. As long as you don't plan on taking out a mortgage (or other BIG loan) soon... you shouldn't worry about your credit score too much-- especially if you're going to save thousands of $$$!
The only other thing you want to be aware of, is 'balance transfer fees'. More and more credit card companies are including a 1%-3% charge to transfer a balance. Although you'll still save money (even with a balance transfer fee), try to find offers without one if you can. You can find a great list of 0% APR credit cards here:
http://www.asapcreditcard.com/0-apr.html
Hope this helps. GOOD LUCK! |
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gjkishere
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Problem with that is you'll soon stop getting that 0%. Then you'll remember that school rate loan with much regret. Plus, interest of up to $2500 on it is tax deductable even if you're not itemizing deductions. |
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alaisjones
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NO! I think you can re-negoiate the interest rate. I heard that a few days ago on the radio. Contact
Dave Ramsey. He is an attorney and gives free advice. dave ramsey.com |
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The Answerer
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Dont be fooled by the 0%. There are some terms and conditions to maintain the 0% such as paying timely minimum amounts and other things. Look at the contract in detail. |
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