Paying Off 30,000 In Credit Card Debt As A College Student

Hello,

I am a college student who, for very necessary and unfortunate reasons, has 30,000 in debt on one CC. I have a very clean, very good credit record without one late payment. However my CC payment is about 1,000 per month now. If I am not able to maintain the 1,000/month, what are any suggestions for dealing with this debt without harming my credit record (especially as I need it for future student loans) being that I am a full-time student in an intense program (aside from a higher income). Any advice is greatly appreciated.

Thank you.

Comments(3)

  • Crickett11th October, 2004

    Thats a tough one. Without knowing more details its hard to say. But you say you don't want to harm your score.. yet you have a $30,000 on one card? Unless the limit is somewhere around $60,000... the mere fact you have that much debt is hurting your score.

  • karensilver12th October, 2004

    Talk to the credit card company to see about a lower interest rate. Depending on your interest rate that would lower your payment. You could ask for lower monthly payments but If you are just paying the min. balance it will take many years to pay off that kind of debt. Good Luck!

  • Mario1177913th October, 2004

    How about trying to get a student loan to pay it off and then defer the payment to when you get out of college and start making big money in real estate. Or you could get the student loan to pay it off and start paying the loan now and it should still be cheaper than the high interest rates associated with most credit cards. Best of luck.

    Sincerely,

    Mario Costanz

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