Clearing Student Debt

1244_becks

Hi,

I currently earn £27k but racked up depts in addition to my student loan while at uni.

I have 2x credut cards with about £4,000 on them (some interest free - some charging) and a loan with £2,000 left to pay and an interest free student overdraft of £2,000. Total £8,000 worth of debt.

In have been working full time and trying to clear this debt for the past two years and am currently paying around £100 per credit card, but the minimum is £50 per credit card adn £80 per month on my loan.

However, I am considering returning to full time education for 3 years as a PhD student. If successful I will get a tax free stipend of £12,940 annually. And some additional income hrough teaching.

Obviously I want to reduce my outgoings during this time but ideally would like to continue to clear the debt so that when I qualify I'll be in a good financial position.

What shall I do? I've been thinking of consolodating for ages but this will extend the period I'll have the debt for and at the moment quite a lot of it is interst free. HELP?????

CLAPTON

-27k is quite a good salary... you're only paying back 280 per month... can you pay more

- can you get a parttime job to help clear the debts

- are you snowballing the debts... i.e. pay only the minimum on each debt except the one with the highest APR.. on that pay as much as possible; this way you will clear the debt qucikest and pay the least interest.

- can you get a low life of balance CC and transfer the debt?

betti911

Hey Becks,

Have you considered posting on the debt free wanabee board. That's what I have been doing for the past few yrs. If you explain your full financial situation to the expert posters on there who have managed to get themselves out of debt then you will get some invaluable tips.