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Posted in Paying Your Bills
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Question By
Baaaadash

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Is it smart to pull out a student loan to pay off multiple credit cards with high interest?
I have about 5 credit cards that are currently stressing me out and I don't make enough income to pay my rent,buy groceries, gas etc. and also pay off credit card bills. Should I take a student loan out to pay off the bills? Right now I have below 13,000 in student loans but I have about 3 years left at a cal state school.

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thats not what student loans are for.

If you have credit card debt that you can't pay off each month, then you are living beyond your means.  STOP using those cards, if you don't have cash don't buy. 

get on craigslist and find a few gigs that you can work in your spare time. Contact local event planners, they are always looking for instalation and tear out help for thier big events, almost always on weekends and late nights, and they generally pay very well. 

Student loans will cost you two and a half times what you borrowed to pay back, Worst lending situation in the world. avoid them at all costs. The only time it makes sense to borrow to pay off debt is if it saves you money.  

Good luck 

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