2007-06-29 06:48:47 · 14 answers · asked by Anonymous in Business & Finance ➔ Credit
They are both important and both help you out but if I had to choose it would most likely be the Student Loan.
2007-06-29 14:54:15 · answer #1 · answered by Mommy to 2 A.n.g.e.l.s 4 · 0⤊ 0⤋
I would get the credit card out of the way first. Generally the rates are higher and the minimum payments on credit cards are so low in proportion to the total debt that it is like paying nothing on them. At least with the loans, whne you pay them down, they go down.
2007-06-29 13:58:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A credit card, the interest is higher. But only pay what you cn afford, be sure you are making the minimum payment for your student loans at least
2007-06-29 15:22:54 · answer #3 · answered by Encyclopedia Magandaca 2 · 0⤊ 0⤋
Pay off whatever has the highest rate of interest - most likely the credit card. Once your credit card is paid off I suggest paying extra on your student loan until it is paid off. You will save yourself a lot of interest.
2007-06-29 14:27:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would pay the credit card- they usually have a lower interest rate, and are not as forgiving with payments and issues paying as a student loan has.
2007-06-29 13:58:21 · answer #5 · answered by Savannah Taylor 2 · 0⤊ 0⤋
Credit card most definately. The interest on student loans are so low.
2007-06-29 13:57:41 · answer #6 · answered by luv2help 5 · 0⤊ 0⤋
I work for the US Dept of ED.
If I were you, I'd pay of the credit card and consolidate the student loan. There are tons of loan companies out there that will do that and it will bring your interest rate down.
2007-06-29 13:58:41 · answer #7 · answered by Alex J 3 · 0⤊ 0⤋
I'd pay off the credit cards first. Student loans typically have low interest, and if you need to are usually easy to defer.
2007-06-29 13:53:11 · answer #8 · answered by Luke D 2 · 1⤊ 0⤋
The one the higher interest rate.
9 times out of 10 that will be your credit card.
If they are close, go with the credit card since student loan debt tends to be looked upon more favorably then CC debt.
2007-06-29 13:54:18 · answer #9 · answered by Anonymous · 0⤊ 0⤋
This is a tough one. Both will effect your credit, but with the Federal Student Loan they can take any type of Tax Refund you have comming to you. they do not even need to sue you to do it. It is called "Right to Offset" You woe the Federal Government money and they are holding money for a tax refund that they owe you. They take that tax refund and apply it to your Loan.
The credit card company has to sue you to garnish you wages and or your bank, depending on your sate and local laws.
2007-06-29 17:38:32 · answer #10 · answered by Anonymous · 0⤊ 0⤋