How to Consolidate Student Loans
Student loan debt can be challenging, but taking advantage of consolidation offers will aid you in getting a handle on your payments, and lessen the number of bills you have to pay every month.
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When does it make sense to consolidate all your credit cards?
Question by jerry_won3772: When does it make sense to consolidate all your credit cards?
I get some credit cards I would like to pay off as soon as possible. I read that you should pay the card with the higher interest rate first and then pay the minimum payment on the other cards. I like the idea of consolidating all your credit cards and make one payment , as this would make my life easier. Which option would be better, pay off each credit card or consolidate?
Best answer:
Answer by bdancer222
The problem with consolidating those credit cards is that once the cards are paid off, you charge them back up. Then you have the credit card debt and the consolidation loan to pay.
The most effective way to get yourself out of credit card debt is to squeeze every penny out of your budget and put it on the highest interest rate card, while making minimum payments on therest. When the highest is paid off, move to the next till they are all paid off.
Not only will you get out of debt, you will learn better financial management. It will take 2 or 3 years to pay off the credit card debt this way.
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If I consolidate my student loan with a personal loan can I still write off the interest?
Question by MLE: If I consolidate my student loan with a personal loan can I still write off the interest?
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
Best answer:
Answer by bostonianinmo
Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you’ll be left with a non-deductible personal loan.
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