Purpose there is a loan, that is at least $60,000, which is student debt at about 6%, as well as total amount of credit cards balance at 4000 - 6000 dollars. What is the cost-benefit ratio of these loans if the credit cards are paid first. Let's assume that credit cards are generally have an APR of 29.99%.

To simplify, How would one manage the student loans after the credit balance is paid off?

Let us assume that cost to execute this project would be the total amount interest paid of credit cards in comparison to the interest paid on loans after credit card balance is paid.

The idea is that paying the smaller amount (credit card balances) that overall income will overtake the cost of the student loans, without leaving the payer with less income to spend every month when he/she starts paying the student loans.

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    How to manage them? Work like crazy and pay them off. Hopefully you can be done with the CCs in 2-3 months and 21 months later be done with the student loans. This way you will not be broke in 2 years from now. – Pete B. Nov 18 '16 at 15:42
  • That is the only problem, I rather work smart than hard. :) If you mean work smart, that is grand, the student loan interest rate is decent, just managing cost of living also comes into account. – JDavila Nov 18 '16 at 15:45
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    Do you have the ability to recognize the difference between hard and smart work? Do you understand that they are not mutually exclusive? Answer this in light of you willingly borrowing money at 30%. And btw borrowing at 6% is very high in the current interest rate environment. – Pete B. Nov 18 '16 at 17:36
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    Can you clarify the question? "After the cards are paid" - what exactly do you want to know? You pay the 6% debt, minimum payments if you don't care, or like a bat out of hell, to get rid of the debt quickly. – JTP - Apologise to Monica Nov 18 '16 at 23:02
  • Am going with the "bat out of hell" method. So, when the student loan payments start, am not breaking the bank, so to speak every month. – JDavila Nov 21 '16 at 18:27

To simplify, How would one manage the student loans after the credit balance is paid off?

Pay them.

You're asking what amounts to a rhetorical question. You've said you'll pay the student loans after you pay the credit cards. Each month you have a total amount of money being used for debt service. Just continue allocating that same total amount of money until all the debts are paid.

Separately, you shouldn't keep a 30% APR debt around. Shop for a new card that will let you do a reasonably priced balance transfer and get to a reasonable interest rate. The chase slate is a good option if you can get approved.

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    Disclaimer: The Stack Exchange Personal Finance & Money community does not recommend a specific brand of financial products. All references to a specific brand are intended as examples. – Mindwin Nov 18 '16 at 19:26
  • Thanks @quid, Am trying to get the best resolution to paying student loan debt, without getting high credit card debt again. – JDavila Nov 21 '16 at 18:32
  • Oh, I suppose drudgeryly, paying student loan debt is going to take awhile, I image some of my business ventures or career aspirations that are ideally expensive, will have to wait. So am wondering if I just need a higher income to off-balance the amount of student loan payments each month. The fact of the matter is student loan debt is no small amount to me. – JDavila Nov 21 '16 at 18:34

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