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Student Loans Vs Credit Card Debt – Which Should You Pay First - Business - Nairaland

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Student Loans Vs Credit Card Debt – Which Should You Pay First by carmenblandish: 9:37pm On Jan 13, 2015

A lot of people are at crossroads when it comes to deciding which debt to pay first. Lets say you have your student Loan debt of $30k and your credit card debt is just $10k, you think, 1) the credit card debt is smaller and will be easier to clear off…2)oh I don’t want the bailiff at my door, maybe I should pay of the credit card first so that in future I can get to borrow some more. 3) 30k is a long debt journey, I will probably die before I can finish paying that off.

Advice!!! Always pay off your student loan first. Why

No one one knows how far or deep your debt burden can become. For the purpose of this article, we will assume the worst – BANKRUPTCY. If you have to declare yourself bankrupt, credit card loans are unsecured credits so in the worst case scenario, you can declare bankrupt today, and the banks will not be able much to you.

The Student loans is a whole different ball game. Student loans cannot be discharged in a case of bankruptcy so as in the example above, if you were to declare bankrupt today, you will still be wearing the heavy chain of 30k around your neck and will have to repay this at some point in your life…you never know….you might end up living up to 100 years old. wink wink**

Bottom line is that no matter the different debts you have amassed, your student loan is and will always be your most important debt to pay off first.


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