Im a college student with high interest credit card debt. Should I take out an extra student loan to pay it?

First off, go ahead and close the account. It won't effect your payoff schedule and it WILL NOT effect your credit score. Ignore anyone who tells you otherwise. Second, do everything you can to pay down/pay off this debt. Pick up a part time job, sell some stuff, whatever. But getting another loan to pay this loan doesn't solver your problem, it only moves it. Yes, 29% is annoying, but interest isn't your problem. Spending too much on a credit card was your problem - but it sounds like you've nixed that one. Now just work extra hard to get a little extra cash and pay this thing off. If you really insist on moving the loan to another one, think twice before getting a student loan for this. Many student loans are written for a specific purpose - i.e. school - and using them to pay off other debt can be a breach of contract. If you feel you must move this to another debt, try to get a small bank loan or flip it to a low intro-rate card. If you flip it to anther card, do NOT use that card - just flip the balance and pay it off. After the other card is paid off, cancel that one too. If you feel you have to keep it open (you don't, really) then put it in a block of ice in the freezer. Kinda hard to head down to Target/Walmart/wherever with your CC in a block of ice. =)

Don't take out a student loan to pay for a credit card bill. Reason is, that if worse comes to worse, you can't discharge a student loan through bankruptcy. The credit card you can. If you are able to, transfer the balance to a fixed low rate credit card or try to get a loan. Its good that you cut the card up, but never close it. Again, credit history is important. If they close it, it doesn't hit your credit rating as hard.

Oh boy! Students loans are regulated by finacial Aid, even though they are from private lenders, meaning you will have to be registered at school, the lending entity pays the school according to how many credits you have. Its not like you take the loan and spend it in whatever. Personal loans are more expensive, but less than your current credit card rate. The problem here is debt rolling. You need to somehow stop that. If you get another job and talk to your parents to lend you 6000 bucks and get rid of that debt, you could schedule payments with them instead. 6 months of hard working shoudl do, about a 1000 a month or so. Or you can take a semester off and try to work jobs to gather the money needed. Even if you are superwoman, working to pay the debts, being independent and college is a burden on your back. Dont cancel the card or think too much about more loans. Loans do not pay other loans. I know its very difficult but you need cash. P.S. To the idiot that told you to close the account: did you know that 30 % of your credit is based on the age of your accounts....

First, figure out if you'll actually be able to pay the $6000 someday. You've spent $6000 more than you've earned, what makes you think you'll be able to spend $8000 less than you earn to pay back your debt? If you expect to be able to pay the $8000 + your student loan, go ahead and pay your credit card with a student loan. You'll get a much lower rate and much more time to pay it down. If you don't think you'll be able to pay, don't get a federal student loan (I know you said private, but some are federally guaranteed). If your loan is Federally guaranteed, you will have to pay. You can't ever get it discharged even in bankruptcy. If you can get a loan than has a lower rate and a longer time to pay, and isn't Federally guaranteed, do it!

you can close your account , no issue to your credit. call them and ask for the rate to be lowered. This is not alot of money, chunk out the payments as much as possible, even 20$ will help, so it you can try throwing as much at it as possible

Come on, you're a college girl. You already know the answer. If you can get a personal loan for about 10% and your credit card companies are charging you 3 times that much, it's a pretty logical choice.

I'm in the same position you are in so I'm getting a loan so I could pay it off and make smaller payments at a lower interest rates.

You can go to a bank and get a personal loan for the 6000 and use that to pay off the card. That will generally give you a better rate for the time and give you plenty of time to pay it off. Otherwise if you are more adventurous you could always try finding credit cards with introductory 0% rates for the first 6 months and keep transferring your balance out to new cards until your loan is paid off. However, if you slip and don't pay attention to doing this correctly it might ding you with higher interest in the long run.

Contrary to popular belief, closing an account does not always hurt your credit, sometimes helps your credit, and never ruins your credit. Many letters that seem to raise your interest rate include legal text giving you the right to refuse to accept the change and pay off the account at the previous rate if you send a letter within a certain amount of time saying that you refuse to accept the change and stop using the card. Review the letter that raised your rate, see if you have the option to refuse the increase, and exercise that option if it exists.