money for residency interviews

[Cooolguy]

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In terms of residency interviews, costs, and such, is it financially wiser to take additional money out of grad plus loans or open a new credit card? I have about $150-175k in loans and a ~$1500 credit card balance. Just wanted to get your input. Thanks!

 

[thebeatgoeson]

If you plan on spending about what the average applicant pays (5k to 10k), it seems short-term credit would be the wrong option.
Take out the loan, have the reserves you need, and pay it back as you can. If you can't pay off a credit card in full each month, you shouldn't carry a balance on it unless the interest rate is dirt cheap.

 

[7 Iron]

If you plan on spending about what the average applicant pays (5k to 10k), it seems short-term credit would be the wrong option.
Take out the loan, have the reserves you need, and pay it back as you can. If you can't pay off a credit card in full each month, you shouldn't carry a balance on it unless the interest rate is dirt cheap.

Agreed. Unless you can find a credit card with an interest rate below ~7.9% (hard to do) the grad plus loan is the better option.

 

[Cooolguy]

Awesome thanks guys