credit card debt?

[Girlygirl2020]

I know I know...I made a terrible mistake, but between applications, MCAT prep, unemployment, I've racked up almost 9k in credit card debt...please don't tell me how much of an idiot I am, I already know...I was wondering if there is anyway I could pay this off with med school loans? Can I get private loans to cover this? How do I manage to pay it off? How does anyone manage the debt?

---

Members don't see this ad.

 

[892002]

I have over 8k in CC debt for similar reasons. I’m planning on using student loans to make interest payments until I become an attending. Not sure if that’s the best idea or not.

 

[shisong]

I know I know...I made a terrible mistake, but between applications, MCAT prep, unemployment, I've racked up almost 9k in credit card debt...please don't tell me how much of an idiot I am, I already know...I was wondering if there is anyway I could pay this off with med school loans? Can I get private loans to cover this? How do I manage to pay it off? How does anyone manage the debt?

if i was you, i would pay it off using student loans (hopefully its low interest rate) to "build up" your credit for future sake

 

[wonder12]

Do a balance transfer to a 0% interest CC, then find a really cheap place to rent (with a couple roommates, etc). Use the extra money from your loan disbursement to pay that off ASAP.

ETA: And yes, as pointed out below, you should be working now and actively trying to pay it down. $9K is going to balloon quickly.

 

[deleted480308]

it's april......get a job and eat ramen for a few months

 

[curiousneuro]

+1 for the balance transfer. Depending on the credit card you have, you can get a nice amount for a very low fee and 0% APR. I've used chase a few times for this, and it was something in the range of 2% fee and 0% for at least 13 months. Use that to pay off the credit card, immediately. Then yes, I would use student loan disbursement to pay off the balance transfer, if you for some reason can't scrape together 9k over a year.

 

[raiderette]

I paid off my CC debt with med school loans. I lived with roommates, made most of my own food and lived frugally the first year.

 

[IntheClouds4ever]

Get a private loan. It’s technically illegal to pay off consumer debt with student loans. If you can’t get a private loan, then just pay minimums (or more if you have it) and realize it’s your punishment for the next 5 years until you can sign a contract in residency to get a stipend or sign-on bonus. **** happens, but it’s managable and not the end of the word.

 

[Girlygirl2020]

+1 for the balance transfer. Depending on the credit card you have, you can get a nice amount for a very low fee and 0% APR. I've used chase a few times for this, and it was something in the range of 2% fee and 0% for at least 13 months. Use that to pay off the credit card, immediately. Then yes, I would use student loan disbursement to pay off the balance transfer, if you for some reason can't scrape together 9k over a year.

Sorry what's a balance transfer? Do you go to a different bank and ask them to get a credit card and transfer the debt over? Is Chase good? I clearly don't have good credit anymore.

 

[Girlygirl2020]

I paid off my CC debt with med school loans. I lived with roommates, made most of my own food and lived frugally the first year.

Did you pay it all off at once? Did you have enough $ for school?

 

[raiderette]

Did you pay it all off at once? Did you have enough $ for school?

I did have enough. I lived like a pauper, but I made it. I found a place where I could live very cheaply. I paid it all during the year, but I paid it in two big installments. I did transfer the money to a 0% card.

 

[Tenk]

it's april......get a job and eat ramen for a few months

QFT. Get whatever job you can and don’t tell them about med school. Work your ass off for a few months then quit.

 

[curiousneuro]

Sorry what's a balance transfer? Do you go to a different bank and ask them to get a credit card and transfer the debt over? Is Chase good? I clearly don't have good credit anymore.

So I have a few credit cards with Chase (Slate, Sapphire, Freedom), and I get balance transfer offers all the time, online. If you have a chase credit card, you can give them a call and see if you are eligible for a balance transfer.

Basically - they allow you to transfer x amount of money off your credit card for a single fee, and usually 0% APR for 12-14 months. I would just transfer that to my bank, and then pay off an existing credit card debt. You only need to pay the minimum each month to prevent an APR increase. The fee is usually pretty good, so if you are in need of short-term cash this may be a decent option. But I would recommend having a plan to pay off the balance transfer as well....

During a rough patch during med school, I actually took out a balance transfer on one card, and then paid it off with another balance transfer 14 months later! Wouldn't recommend doing this though, long-term.

And keep in mind, keeping a high balance on your credit card will affect your credit score, so don't do this if you are planning on making any big purchases in the near future.

 

[Skiiiiiing]

Sorry what's a balance transfer? Do you go to a different bank and ask them to get a credit card and transfer the debt over? Is Chase good? I clearly don't have good credit anymore.

New cards often allow a period of "interest free balance transfer" where there's no interest. Commonly 6 months or so.

Get a job or 3 and cut spending, pay it off or down before med school starts...it'll be like 3x that if you let it sit for 4 years.