How do I take out student loans to help pay credit card bill?

jc0481 said:

I can't get a second job because I am still going to school.

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Use money from your first job?

can't pay the 20 bucks or so min payment?

Dangerous ground your about to step on. Do not take out a student loan just to pay an already bad account. If the account is reporting as delinquent, then that will be on your credit report for 2 years minimum. Work out a payment arraignment with the credit card company until you can catch up. Do not create a new debt just to have temporary relief.

dukebound85 said:

can't pay the 20 bucks or so min payment?

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Really - the minimum payment is probably even less than that.

If you have bad credit because of the co-signer, well, then the primary account holder (you) failed to make their payment on whatever it was otherwise it would've never landed on the cosigner to begin with. But based on this thread, it's pretty clear you have no financial sense.

You want to spend 10 years paying off $1200? Use your head for a minute here. Robbing Peter to pay Paul doesn't get you anywhere, but it will get you into 120 payments probably at 6.8% that will turn into several thousand bucks and will not be dischargeable in bankruptcy, should you ever end up in that boat.

Jnesbitt82 said:

Dangerous ground your about to step on. Do not take out a student loan just to pay an already bad account. If the account is reporting as delinquent, then that will be on your credit report for 2 years minimum. Work out a payment arraignment with the credit card company until you can catch up. Do not create a new debt just to have temporary relief.

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Agreed. Find a way to make the payments. Payment on a $1200 loan shouldn't be very much.

I believe this falls in the "robbing peter to pay Paul" territory. Why in the world would you take out a loan to pay off credit card debt? This sounds incredibly dumb. While you blame some relative for your bad credit, something tells me you're not doing well anyway. This scheme is to obtain a loan that cannot be extinguished through bankruptcy, for example. So if you continue to get into trouble you can't even get rid of that debt. I'm saying that your credit decisions seem poor and bankruptcy could be something you'd try if you continue to get into trouble.

Make minimum payments on the credit card and avoid student loans at all costs if possible.

Take a job, not a loan.

I have "loaned" people money (at no interest) to pay off their debts………

Have written off being repaid by almost all. Most are a lost cause who go on to get further into debt.

I don't own much; don't have a credit card, and have never been in debt.

I do have a degree. Having worked my way through college, I graduated free of debt.

Now I have freedom.….. to enjoy a hugely satisfying job that pays a pittance.

Money lesson... pay yourself first.

That means... first pay your education, pay your debs and then pay services.

With your credit card... just set up automatic payments above the interest rate so it will pay itself each month and reduce the debt. Lest say, you want to pay it in a year, well, make $70 payments per month, any way, every time you pay the % is less in $.

And do not use that credit card any more.

I use debit, the only risk is that my account can get ripped off if hacked. But still. I am going to use my credit card again just for protection, for bills.

Credit was conceive to but things for a business. Lest say, you need a printer for a business or any asset that will paid itself on a realistic transaction and then is when you need credit. Not to buy clothing or game consoles, no for luxuries.

So... leave your credit card paid itself. I had one with $5K and I was making $6K a month, I have been trying to pay it for more than a year. The problem is that you have extra expenses every month, you car brakes, phone bills... extras. So, just pay your credit card and do not use it. Or get a secure credit card with a $1000 limit.

Chances are the bank won't approve a loan anyway, unless your credit card company hasn't reported you (yet) for not paying.

$1,200? Leave it alone and pay $100 towards it per month.

Never get your relatives involved in financial dealings.