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Student Loans and Credit Debt

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    Student Loans and Credit Debt

    Easy questions to answer:

    I have a student loan of $7,000 at 3.4% and $300 at 6.8% and I'm about to walk out of grace period at end of the month. Then I have a credit card debt of $500 at 19% BUT it's at 0% interest for another 8 months.

    So the easy question is: Do I pay off the $300 at 6.8% first?

    Please explain why even if answer is yes.

    #2
    Yes, pay off that small $300 student loan then focus on your CC debt but make sure that CC is paid off by the time the rate jumps.

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      #3
      Wow, I'm sitting here at 21 thinking that my $7800 debt is something to fret about, but then I look at all these other threads and start to realize that I'm not in that bad of a situation.

      Anyway I was reading these threads trying to learn and I came across this: "Credit card interest accrues every day on your outstanding balance. So yes, the sooner your payment posts, the less interest you pay."

      Is that the same for student loans? Putting in big chunks of money at a time asap is a good idea when I can afford it?

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        #4
        Prioritize your student loan until it's paid off then make sure you pay your credit card before it gets interest.
        Last edited by ccole; 03-04-2013, 11:16 AM.

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