I am a 22F senior graduating in May. I have a $7,000 balance due to my school by April 10th. If I don't pay, I can't graduate or get my transcripts. I have $400 in cash to put toward this, and maybe some extra cash on the way with my part-time job picking up(paying $19/hr w tips). I am trying to figure out the least "painful" way to use my credit cards to bridge the gap.
Current Debt:
Capital One: $1,761 balance / $2,000 limit. Interest Rate: 28.24%.
Navy Federal: $24,590 balance / $26,000 limit. Interest Rate: 18%.
I just got two new cards:
USAA Rate Advantage: $6,000 limit. (0% Intro APR on balance transfers for 15 months, but no 0% on purchases).
Chase Sapphire Preferred: $5,000 limit. (No 0% intro period. $95 annual fee).
I know this is not great, but I just want to take it step by step with graduation being my first hurdle. If anyone has any tips, I would greatly appreciate it.
22F Senior – Owe $7k to school by April 10 to graduate. Looking for advice on paying down my debt and making it to graduation.
byu/Candid_Orchid9539 inCreditCards
Posted by Candid_Orchid9539
3 Comments
why arent student loans an option? way cheaper than cc
Balance transfer $6k from the Navy Fed card then use that to pay tuition. It’s effectively the same things as getting a 0% APR loan. Hopefully you’ll have a job in 6 months. Use that increased income to apply for a personal loan to refinance your debt at a lower rate
And if you are able to secure any money on top of that? Great! Use that to pay off your highest APR card
Talk to financial aid about taking out a Stafford loan. Interest rates are going to be a lot better than on a credit card. Hell, even a private student loan would be better.