I'm in school and I have credit card bills. I really need help.

1. 52

   mashiraposted 14 years ago

   I'm in school and I have credit card bills. I really need help.

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2. 59

   RachelLynnposted 14 years ago

   I'm a college student, as well.  With your credit card bills, you'll need to pay more than the minimum balance each bill.  The minimum balance only covers interest, not what you've actually bought.  Perhaps a part-time job would help you out.  And stop using your credit card for a while, use your checking account or cash, as you actually can monitor how much you spend better than you can with a credit card.  Stick with buying what's necessary, as well.  Instead of shopping for new shoes (when you already have some!), get groceries, or other necessary things.  If you buy the generic brands of things, you'll save more money as well, and the generic food tastes the same as the name-brand.  I hope this helps you out somehow.  I know it's worked for me.

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3. 64

   Brigitte Synesaelposted 14 years ago

   Mashira,
   
   I hesitate to give you this possible solution because I don't want you to think that the answer to paying off credit is to get more credit. You must understand that, especially being a student you have to be careful not to incur more debt than you can handle paying off.
   
   Interest rates on a credit card are typically 19-20%. You can go to your bank and see if you qualify for a Student Line of Credit. First of all, my knowledge comes from Canada. Things may be different in the United States, but I'm guessing they are similar. With a Student Line of Credit you only have to pay the interest owing for the years you are in school and for 1 year after you graduate. In addition to this, the interest rate is much lower. At the time of this answer prime is 2.25%, plus 1% means you would pay 3.25%. So on a balance of $5,000 your commitment to pay would be $13.54 per month. You can use your Student Line of Credit to pay off your credit card and have a much more comfortable payment. Then you have to promise me that you will also follow RachelLynn's advice and only use your credit card for absolute emergencies.
   
   Good luck and I hope this helps.

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4. 54

   zaffcommunicationposted 13 years ago

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