I know I personally suffer from this financial burden. I know its a credit card forum, but I was wondering if/how anyone in here managed to escape student loan debt using credit cards or other means.

Personally I'd say credit cards are the worst idea for someone in this situation, but I've been wrong before!

If you are in the Academy/ROTC, your unit will have financial advice for you (and many schedule speakers to come in to discuss financial matters with Mids). If you are at another command, there is a command financial counselor who can work with you to get your finances under control. If you bank with USAA or Navy Federal, they also offer financial help services.

Good luck.

i think instead of credit cards u should go for quick personal loans.

I've seen discussion on this over at fatwallet finance, so you might want to check there.

If you have good credit and can secure some 0% balance transfers or very low APR for life offers on a credit card it may be a good idea. With balance transfers you will have to flip cards annually to keep the 0% otherwise it will shoot up to 9% or more. Missing a payment could also see your rate get jacked up to 25%+.

You will have to do your own analysis on how much you will save vs. the hassle of credit cards and increased risk of high rates. I did similar with my new car. I decided to buy it with credit card 0% money. I'm saving 6% interest, but I also now have to find a new 0% offer to cover the one that is expiring. I have to pay back the money (from my HELOC) for a short period to get my credit report clean to get the best 0% offers, so I will have a month or two of a balance on my HELOC @ prime, which is tax deductable and still better than 6%. The HELOC is my backup in case I get rate jacked, so my risk is lower.

Thanks all. As far as Navy/ROTC information about paying for college, what do you guys think about the http://mynavymyfuture.com site? Its a good place to get most questions answered (by Davede, no less). ^


Did any of you guys participate in a similar Bachelor's program or know someone who is/was?

Thanks

Are you talking about payday loans and other sorts of short term loans with high interest rates? That's a burden too many of our armed forces are suffering under. Also, based on your only other post (qploans) you seem to be up to no good.