No More Student Loans Thanks to Your Credit Cards?
Student debt can add up quickly over the years and paying it down can take decades. So could it possibly make sense to transfer some high-interest private student loans to your credit card to pay them off?
Maybe, but most likely not. Here's why: Credit card interest rates are usually higher than those on student loans. Yes, you might be tempted by one of those 0% APR offers, but keep in mind that those usually only last for 6-18 months. Also, there are fees associated with balance transfers that can quickly wipe out the savings you were hoping for
For more advice from an LA Times columnist click here
Maybe, but most likely not. Here's why: Credit card interest rates are usually higher than those on student loans. Yes, you might be tempted by one of those 0% APR offers, but keep in mind that those usually only last for 6-18 months. Also, there are fees associated with balance transfers that can quickly wipe out the savings you were hoping for
For more advice from an LA Times columnist click here
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