It takes forever to payoff! So the longer you pay your student loan the better the your credit score might be?
I didn't mean it that way, sorry. The interest rate is usually lower on student loans, and there aren't all of those fees like you get with credit cards. So if you have both credit card debt and a student loan, and you can't pay extra on both, pay as much as possible on the credit cards, and paying the minimum on the student loan will be much cheaper for you in the long run.
No problem Hectic, well for me it will probably be opposite after bankruptcy no more credit cards and nothing but car payment and student loans. But thanks for the info!
Are you positive you want to declare bankruptcy? It will completely destroy all your credit for at least 10 years. You'll never be able to buy a house and the interest on a auto loan will be extremely high, if you can even get one at all. Then after the 10 years you'll have to start from scratch building credit.
and unfortunately I think I'm going to have to get a new car sooner than I had hoped to. I'm still going to try to nurse this one for another year. Maintenance has been very low, but I'm starting to think that it's going to catch up to me sooner than later.
That does not make sense. Maintenance is low but you may have to get another car soon? My 2001 Nissan truck has 235,000 and if I would have had that mentality, I would have gotten another one 5 or so years ago. I think you really want want a new car and just making an excuse. . Don't do it and avoid the car payment.
Our only debt is the house. 12 more years and it is paid off. :flex:
Have you checked into credit counselling? Helps you pay off your debts and avoids bankruptcy.
I, however.com, am hoping to acquire more debt to fix up my home and taking care of some debts
I was dealing with a credit counseling company for about 3 years and still had another 1 1/2 years left, but being unemployed for about a year. I had a car payment, insurance, utilities and other expensive was more then collecting state unemployment that doesn't pay enough. I was starting to get behind on my car payments, I was trying everything I can to sell my car or have a dealership take the car, but unfortunately I would been in a heavy upside down loan. Then I couldn't afford my credit counseling payments anymore that when bankruptcy came in.
Four years ago, I had up to 24,000 in credit card debt but I paid it all off and owe nothing now. In the end, I don't know what I have to show for it. I don't own a house. I don't have a fancy car. I have no smart phone or I pad. The biggest tv we have is "32. I can't remember what I spent that money on.
Wolf--do me a favor and get a second opinion on bankruptcy. It's not something to be done lightly. You're young, just out of school--the last thing you need is to wreck your credit for 10 years. You may find yourself with a wife and kids soon and need that credit.