What's more crippling: credit card debt or student loan debt?

[-DMP-]

Student loans.

One because they are pushed as the way to a better life but college prices aren't being checked. The cost of college is vastly out pacing the rise of wages. I see them as predatory in a sense.

Two because they can't be charged off.

 

[Pazzy]

Any debt is bad if you don't have the money to pay it off.

 

[Gold]

Some of yall dudes argue just to argue

Even ended with a sassy ass remark repeating the ending of my first post

Still didn't answer any of my questions tho

How many people got 50k in credit card debt?

No matter how bad credit card debt is, it goes off your credit report after 7 years

You had to completely overlook the points I made because you have no intelligent response to them

Yes you can bullshyt student loan debtors till the day you die but you can just ignore credit card debt and be in the clear in less than a decade

Now don't quote me again until you actually address my points

If youre not going to read what i post, dont bother responding.

The thread says crippling, not worse, not longer, not more enduring, CRIPPLING.

Crippling as in = makes it more difficult/impossible for you to so things that you wish to do, cripples you financially.

If you think having 100k in student loan debts is nearly as financially crippling as having 100k in credit card debt than you simply dont know anything about credit.

Even 5k in credit card debt can stop you from getting a house and can change your car apr from 4 to 11%

Yall confused af

 

[Gold]

The balance on your student loans don’t mess up your credit the same way the high balances on credit cards do.

Say you have a $700 credit card bill, and are only paying $30 a month, with 23% interest. It will take longer to pay that off than to drop 700 off your student loan.

These brehs confused man.

If you would rather have 50k in credit card debt vs student loans.. get ready forn7 years of hell

You cant even buy a car, get a new phone, get an apartment with that level of credit card debt

 

[Cel 510 kid ados forever]

Student loans

But they both suck

 

[Rawtid]

Neither are “bad”, but if mismanaged there will be issues.

Student loan debt is only terrible if you didn’t finish and are paying anyway, overpaid for your education or make poor degree choices . Otherwise I feel it’s a good investment.

Credit card debt is only bad if you’re using it to supplement your income.

 

[Originalman]

Yeah that's the advice I was going on, that no matter how much I paid in repairs it wouldn't be as much as monthly car payments. But it's at the point where it's basically a money pit. I'm definitely leasing next time

Yeah its a delicate situation. I have never had a car loan. When I was broke I bought my cars cash (cash hondas). I would buy them cash at like 3k to 5k and drive them until the wheels fell off.

Now that I have a little money I go to the auction and buy me a 15k or more car. I drive it before it gets 100k and run it back through the auction or sell it on the street.

Even when I was broke and estimate that I still saved more money buying a cash car than going to the dealership and buyer a car with a loan. Just taking into account that I didn't have to pay full insurance on the cash car or having interest on a loan or having 300 or 400 a month car payments.

 

[Originalman]

The balance on your student loans don’t mess up your credit the same way the high balances on credit cards do.

Say you have a $700 credit card bill, and are only paying $30 a month, with 23% interest. It will take longer to pay that off than to drop 700 off your student loan.

Yep it doesn't affect your credit score like a credit card does. So for example your credit card has a 15k limit. If you say charge 14k on that card it will lower your credit score. But a student loan you can have 15k owed it doesn't affect your credit score the same way.

You can have 50k in student loans and have a 800 credit score. But it is much harder to have 50k in credit cards and still have a 800 credit score. Well unless you have like 200k credit limit on your card.

 

[Originalman]

These brehs confused man.

If you would rather have 50k in credit card debt vs student loans.. get ready forn7 years of hell

You cant even buy a car, get a new phone, get an apartment with that level of credit card debt

Breh when I had bad credit to get a phone in my name them mothafukkas told me I had to put down 500....

At the time my wife (then my girlfriend) had like a 750 credit score and didn't have to put down shyt to get a phone...

 

[Originalman]

Should finally have all my loans paid off in 2 years max, using the snowball method

Spoiler

I graduated in 2010

congrats homie I paid off mine in 1 1/2 years and my wife paid off hers in 1 year.

We used the dave ramsey method years ago. Its all about staying focused.

 

[Originalman]

You should read the reddit personal finance stories


Credit Card debt is a KILLER

At last student loans can be out on a nominal payment plan and just pay the minimum until you die

I know so many people that just put them on hold for ever. Its It's crazy.

Yep my cousin owes like 150k. She pay them hoes 100 a month. She make like 90k a year, but makes it look like she can't afford the student loan payments.

So they have her on a 100 a month payment. She like fukk that shyt they gonna get this till I die...

 

[13473]

at least you can get student loan debt adjusted with your income.


i'd rather have student loan debt over credit card debt.

 

[DrDoom]

Credit card debt for a 1000

 

[Sad Bunny]

Yep my cousin owes like 150k. She pay them hoes 100 a month. She make like 90k a year, but makes it look like she can't afford the student loan payments.

So they have her on a 100 a month payment. She like fukk that shyt they gonna get this till I die...

Yep

2 of my coworkers do this or find reason a for deferment

 

[BrehWyatt]

One of them has politicians trying to build campaigns on the promise of eliminating/forgiving it.

The other does not.

But the one SOCIETY -- white millennials, etc. -- as a whole sees as crippling isn't really as bad as it seems.