[ACZakka325i]

Originally Posted by asdflkijd

^, My uncle came out of UC Berkley and he refuses to pay of his student loans, he says that they are bullshit rofl...

So I assume they are withholding his degree as well.

[new2the3]

You want to take out a loan to be even in more debt? I do not think that is a good idea. I understand you want to focus on school but lets be realistic, you live at home so you do not pay rent, you are a freshman so the classes are a joke, and there is no reason you can't get a regular job paying $10/hr part time. Do that for a few months to pay off your debt instead of taking out a loan for even more debt.

[asdflkijd]

I dont understand how I would be in more debt when I use the loan to pay off the high interest CC?

[magmd]

Originally Posted by asdflkijd

I dont understand how I would be in more debt when I use the loan to pay off the high interest CC?

Experience is what you do not understand.

What people here know...once you take out another loan...its no different than say, opening up another credit card to pay off the one you currently owe.

Bottom line...you still owe the money. Granted, at a lower rate...but it is still compounding onto the balance and slowly building in time.

AND you now have an open credit card....that most everyone here is convinced will quickly be utilized for something. Why?? because something always comes up...that is the way of things.

So...its better to just suck it up and do what it takes to pay off your balance now...that it is a mere $3K. Instead of just moving the money to another account and fooling yourself into thinking that you will all of a sudden have the discipline to keep your credit cards free of any balances.

We are convinced, because we have all been there...and know that without fail ---this kind of shit happens to most everyone in one shape or form.

[c0nstant]

i agree, pay off the debt. cut the card. dont take out a student loan to pay off the 3k, thats like wiping your ass with a sheet of 1-ply toilet paper

[Neurorad]

Originally Posted by asdflkijd

^, My uncle came out of UC Berkley and he refuses to pay of his student loans, he says that they are bullshit rofl...

Your uncle is a dick....rofl

Don't borrow money to pay off a loan.

Get a job for 10 hours/week. In a year, card will be paid off. Barback?

Cut up the card(s).

Stop partying so much.

[its ray den]

all loans are not bad. although borrowing money to pay off debt still keeps you in debt, if you're able to get a 0% interest loan, THAT IS EXCELLENT compared to a credit card with a 17% interest. this action only relieves you of interest, not the debt itself. you'll still have minimum payments to make. that means you need to get a job if you want to pay it off on your own.

i do not see a problem with parents helping out with their kid's finances (19 or 25, you're still their son). if your parents are willing, ask them to pay off your CC. there's no shame in it and for other people to put you down for it is just prideful BS. it's lame. asking for help isn't a dishonorable thing, but it's foolish to let your pride dig yourself a deeper hole.

[Couch]

Originally Posted by asdflkijd

^, My uncle came out of UC Berkley and he refuses to pay of his student loans, he says that they are bullshit rofl...

It's your uncle and his attitude that help cause the problems we have in this country.

I hope you do not follow his lead, and I hope your family bans him from any family related events. If anyone in my family were to do something like that they would be barred from any contact.

[BK]

Originally Posted by asdflkijd

^, My uncle came out of UC Berkley and he refuses to pay of his student loans, he says that they are bullshit rofl...

A deadbeat from UC Berkeley? Wow, I'm shocked.

If you can't afford $3K on your credit card, you should not be driving a $50K car. The answer is to destroy the credit card and sell the car for a less expensive one, but it sounds like that is not an option because the car is not yours to sell. The next best thing to do here is get a "loan" from mom and dad and put together a schedule of repayment with them. Then man up and actually pay it back. You're old enough now.

As for the student loan idea, getting a low-interest loan to pay off a high-interest loan is not a bad idea, provided you'll actually pay off the new loan. If you have no plan to pay it off, though, you're just digging yourself in deeper.

Our responses to you are harsh because debt is no joke and you need to get some sense about this or this kind of thing will only spiral and get worse. I remember back when I was in college -- I also had around $3K in credit card debt and it seemed like a lot back then. I eventually just bit the bullet and paid it all, and it was such a huge relief. You need to do the same. It will be painful at first, but the relief is long-lasting and well worth the brief pain.

[asdflkijd]

haha for those that are wondering, I'm pretty sure my uncles student loans are paid off now, hes a writer in Korea and is very well off. but on the serious note, if I ever did get a student loan, I would most def. pay that off, the major concern is the interest rate (that is why I had asked about the SL). for those that are suggesting cutting down on cost of my social life, I have already taken measures to stop my spending spree. that said, I'm really not sure what I am going to do but, thanks for the advice/ opinions.

[keysopendoors]

Alright since this thread turned into a flame fest about the OP, I have a solution that hasnt been mentioned yet.

At this point we know:
-His 335i is paid off and he is keeping it, lets drop that issue, there are may teens out there now driving $40k + cars
-He could get another loan to pay off his debt, but thats just moving the debt around
-He cant work much (possibly a few hours a week) because of school

Instead of going the student loan route, try getting a credit card that has 0% APR on balance transfers for 1 year. If you're anything like me, you'll get these in the mail daily/weekly (Capital One, Chase and others offer this) just make sure you don't go through the same bank/cc company you currently have. Transfer the balance over and cut up your previous card.

This will give you 6 months to a year of 0% interest, allowing you ample time to pay off the $3400 in debt w/ NO extra loans or help from the "bank of mom." I did this when I got into a bit of CC trouble and it helped drastically. However, you have to learn not to make the same mistake twice. Pay the balance off as quickly as possible (curb your social/shopping life for a bit) and then either cut up the card or use some self restraint. Good luck.

[asdflkijd]

^ damn I always throw those away... gotta dig in the pile of old mail now. Thanks man, that sounds better than all the other options... now let the search begin

[AndrewAZ]

Originally Posted by keysopendoors

Alright since this thread turned into a flame fest about the OP, I have a solution that hasnt been mentioned yet.

At this point we know:
-His 335i is paid off and he is keeping it, lets drop that issue, there are may teens out there now driving $40k + cars
-He could get another loan to pay off his debt, but thats just moving the debt around
-He cant work much (possibly a few hours a week) because of school

Instead of going the student loan route, try getting a credit card that has 0% APR on balance transfers for 1 year. If you're anything like me, you'll get these in the mail daily/weekly (Capital One, Chase and others offer this) just make sure you don't go through the same bank/cc company you currently have. Transfer the balance over and cut up your previous card.

This will give you 6 months to a year of 0% interest, allowing you ample time to pay off the $3400 in debt w/ NO extra loans or help from the "bank of mom." I did this when I got into a bit of CC trouble and it helped drastically. However, you have to learn not to make the same mistake twice. Pay the balance off as quickly as possible (curb your social/shopping life for a bit) and then either cut up the card or use some self restraint. Good luck.

Thats possible the worst advice.. No such thing as a free lunch you always have a catch to the 0% interest cards, either you dont pay it for the months you are using and it still compounds and all is do at the end of 6 months if you have debt (Which I am sure 99% of the 0% interest cards do this). Or they have a limit and once you reach that small limit you start paying 25%+. If you could really get 0% interest with no catch then the credit cards companies wouldnt be around.

The kid doesnt need to use financing to reshuffle his debt, he needs to eliminate the debt. And like the rest of us in college he need to get a job, hes only a freshman, I know folks now who work 40 hours a week and still go to class, 20 hours a week for a freshman in college is easily done, I bet he goes home at 2 or 3 in the afternoon when hes done with class and does nothing all afternoon and night. Lets face it in terms of homework for class most of us only spend 15 to 20 mins per class each night and write our papers on the weekends. So working M-F from 3pm-8pm or later shouldnt be an issue.


A quick google search finds the dangers of 0% credit cards. Some charge 3% to transfer debt in... Like I said you can restructure your debt all day but its not going to go away and will only get worse.

http://www.mortgageloan.com/the-dang...t-credit-cards

[keysopendoors]

Originally Posted by AndrewAZ

Thats possible the worst advice.. No such thing as a free lunch you always have a catch to the 0% interest cards, either you dont pay it for the months you are using and it still compounds and all is do at the end of 6 months if you have debt (Which I am sure 99% of the 0% interest cards do this). Or they have a limit and once you reach that small limit you start paying 25%+. If you could really get 0% interest with no catch then the credit cards companies wouldnt be around.

The kid doesnt need to use financing to reshuffle his debt, he needs to eliminate the debt. And like the rest of us in college he need to get a job, hes only a freshman, I know folks now who work 40 hours a week and still go to class, 20 hours a week for a freshman in college is easily done, I bet he goes home at 2 or 3 in the afternoon when hes done with class and does nothing all afternoon and night. Lets face it in terms of homework for class most of us only spend 15 to 20 mins per class each night and write our papers on the weekends. So working M-F from 3pm-8pm or later shouldnt be an issue.


A quick google search finds the dangers of 0% credit cards. Some charge 3% to transfer debt in... Like I said you can restructure your debt all day but its not going to go away and will only get worse.

http://www.mortgageloan.com/the-dang...t-credit-cards

of course theres going to be a catch, im just giving him possible solutions rather than telling him to sell his car...etc. its obvious he has finical problems and is asking for help with them. the card i chose did not have a 3% transfer fee and was truly 0% for 1 year (if you failed to pay by the 1 year mark, you'd be charged interest for the whole year however). but thats the point of this, to give him some interest free time. paying a 1 time 3% transfer fee is a lot better than paying 17% per month without a job, which is basically paying the interest off and NEVER actually paying the debt.

but what do i know, i've done this before. go get a loan instead, have fun paying that off in a few years, you'll be stuck in the same place.

[asdflkijd]

sounds like two different stories form two very different people.. wtf is kid? now that just pissed me off

[AndrewAZ]

Originally Posted by asdflkijd

sounds like two different stories form two very different people.. wtf is kid? now that just pissed me off

Until you can legally drink your still a kid to me. After all your still a teenager.. If you want I can call you sport? Is that alright kid?

[c0nstant]

Originally Posted by AndrewAZ

Until you can legally drink your still a kid to me. After all your still a teenager.. If you want I can call you sport? Is that alright kid?

[Bulldog 6]

Originally Posted by asdflkijd

its really hard to pay for your social life and your debt

This is the key, change your social life until you get out of debt. You should easily be able to knock off $3400 in two to three months.

[Bulldog 6]

Originally Posted by keysopendoors

Instead of going the student loan route, try getting a credit card that has 0% APR on balance transfers for 1 year. If you're anything like me, you'll get these in the mail daily/weekly (Capital One, Chase and others offer this) just make sure you don't go through the same bank/cc company you currently have. Transfer the balance over and cut up your previous card.

This will give you 6 months to a year of 0% interest, allowing you ample time to pay off the $3400 in debt w/ NO extra loans or help from the "bank of mom." I did this when I got into a bit of CC trouble and it helped drastically. However, you have to learn not to make the same mistake twice. Pay the balance off as quickly as possible (curb your social/shopping life for a bit) and then either cut up the card or use some self restraint. Good luck.

I agree, as a second course of action if you are not willing to suck it up for few months and pay it off. Just don't run up the new card. And only do this once because the card you close stays on your credit report for seven years. You don't want to have a lower score becasue you kept opening up credit cards. You may not think it matters, but once you get ready to buy a house it will (since your car is paid off buy a house next).

[asdflkijd]

Originally Posted by AndrewAZ

Until you can legally drink your still a kid to me. After all your still a teenager.. If you want I can call you sport? Is that alright kid?

your attitude smells like my dogs shit

[will@longbeachbmw]

Originally Posted by asdflkijd

I actually go to college from home.

Hate to jump in here - but how do you not have time to work if you go to college from home? That doesn't even count as going to college

[OtherAggie]

Originally Posted by will@longbeachbmw

That doesn't even count as going to college

: :

Seriously, though, give the OP a break. We all make mistakes, and he's trying to fix his. I think that's great.

So here's an idea...asdfikd, what about a summer job? Could you find a 0% 6-month transfer offer with reasonable fees, let the debt ride until after finals, then work your tail off this summer? I bet $3400 will come quickly when you're able to work full time, and maybe you can stash some pocket money away for next fall.

Just make *sure* to follow through if you transfer the debt to a new card, and start trying to find work a few weeks BEFORE finals, 'cause you'll be too busy during that week.

My $0.02