Credit card debt options

[MEDUSA23]

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[wonderdog]

I am finishing my first year of medical school. I have been earning $800/month working 10 hours/week managing a lab. Money has not been much of a problem. But I will only be working for half of my M2 year because I will need to free up more time for board studying. I have a lot of financial responsibilities, but I feel the burden on my finances is $22,000 in credit cards. Let me just say that having a home, child, etc. while pursuing advanced education is not easy, and both my spouse and I come from limited means. We have not used credit cards for a long time, but it is impossible to get out of this debt while I'm a medical student.
What I would like to know is if anyone else has experience transferring credit card debt to a lower interest form of debt as a medical student? I need to figure out a more viable way to pay down this debt. Other advice I received was not helpful.

what's the rate you're getting on your CC debt?

 

[Etorphine]

at $22,000, this is a significantly high CC debt burden, that will most certainly be difficult to pay off.

One word: vegas

 

[HatWobble]

$22,000 in credit cards

Yowza. Don't really have much advice for you with that one. Food stamps to save money, maybe?

Best of luck-- you're a trooper for holding down a gig while in school.

 

[calvnandhobbs68]

I am finishing my first year of medical school. I have been earning $800/month working 10 hours/week managing a lab. Money has not been much of a problem. But I will only be working for half of my M2 year because I will need to free up more time for board studying. I have a lot of financial responsibilities, but I feel the burden on my finances is $22,000 in credit cards. Let me just say that having a home, child, etc. while pursuing advanced education is not easy, and both my spouse and I come from limited means. We have not used credit cards for a long time, but it is impossible to get out of this debt while I'm a medical student.
What I would like to know is if anyone else has experience transferring credit card debt to a lower interest form of debt as a medical student? I need to figure out a more viable way to pay down this debt. Other advice I received was not helpful.

I feel like these two things are mutually exclusive...

I mean I don't even know unless you can convince your school to raise your COA so you get get more student loans. Any interest rate on a student loan will be better than what you have on a CC (as far as I've ever seen with CC rates).

 

[toughdecision]

I feel for you man - that is a tough situation. I'd max out on how much you can get from Med Student loans and pay off as much of that credit card debt as you can. Credit Cards are notorious for their crazy high interest rates and that 22,000 will compound fast. I'd also highly recommend you go have an honest chat with your med school's financial aid officer and ask for their advice. Also, I agree that you can't say "money is not really a problem" - its time to live as frugally as you can until you get that CC debt under control. (I've found www.reddit.com/r/frugal )to be very helpful in that regard.

You can do it dude, just be smart about it!