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Question for the Money Doctors

Question submitted on Jan 23, 2012.

Question

I am in my last year of college. My fafsa Financial Aid/loans did not cover my tuition let alone my books, so i had to put about $2,000.00 on a credit card. I only make about 4,000.00 a year and my tuition is much more. would it be a good idea for me to open an credit card with a 0% interest for 18 months so i can catch up on payments? I have good credit and have never missed a payment but I can''t afford the bill and having basic expenses like gas.

Answer

I don''t understand why your student loan did not cover your tuition and books.  You didn't provide any details of total costs for tuition and books or living expenses for that matter.  However, you did say that you were in your last year of college.  If you are fortunate enough to get a job after graduation a 0% interest rate credit card could be an easy solution, but beware.  If for some reason you have trouble finding a job in your field you could wind up paying a much higher interest rate after 18 months if you can't pay the credit card in full within the 18 month introductory period.


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