Tag Archives: Student Loan

Should I use my student loan money to pay off my credit cards?

bdsm_rockstar asked:

I have about $4,000 in credit card debt. Should I take out the extra loan money to pay off all the credit cards. If I do this, the only bills I will have to worry about paying are the student loans, and it will improve my credit rating. The bad side is that I will have about $55,000 in student loans. I’m getting my Master’s and would be teaching, so I feel I could pay the loans on time and fairly easily. What do you think? Actually Sigma, the main reason I got the cards was to help me get to college. I won’t be using them that much, and I don’t intend on closing the account because that will have an adverse effect on my credit rating. I may cut the cards up, but I will definitely NOT close the accounts…