Consolidating student loans with credit card

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However, if you don't pay more, the interest can accumulate and the amount of credit card debt that you incurred could grow to outrageous proportions.If you are burdened with credit cards that have large balances, you may want to consider consolidating your credit card debt.If the full interest amount agreed to in the contract is not paid, they have settled the debt, not paid it in full, so that is what is generally reported.

Each option has advantages, disadvantages and challenges.Any missed payments under the plan could negatively impact the program length with changes in interest rates and additional fees and charges that could increase balances.Counseling services may negotiate reduced principle or reduced interest.They might also negotiate how the debt is reported, whether settled or paid in full.The majority of the time, a debt is reported as settled even if it’s reduced interest because the consumer didn’t pay as agreed, but they could agree to report it as paid in full.

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