conversation: User (kissandthrowaway): "Problem: My recent divorce has left me with considerable credit card debt and a student loan payment. (My ex made really good money so these credit limits are based on a large income). I pay about $600 a month in credit card/cell bills a month. My student loan is $400 every month. Im having to reinvent myself late in life so I am changing careers but because I have no experience Im starting at the bottom and took a pay cut of $1K a month. I don't plan on staying at the bottom for long but in the mean while I need to figure out a way to live on a net income of $1500 a month....\n\nMy plan is to absorb my credit card debt into my student loans. I was accepted into a graduate program and the school is offering me so much money in loans I want to accept the entire amount for the reason stated above. I know this is not how the money should be used but the school doesnt conduct reviews on how loan money is wasted. \n\nPros:\n(1) One payment\n(2) Low interest rate\n(3) Ability to put payments in forbearance in case of hardship\n(4) Possibly increase my credit score\n(5) Public Service Forgiveness program will cancel the debt based on meeting certain criteria.\n\nCons:\n(1) If Im not disciplined I will charge back on my cc\n(2) Very large loan balance\n\nI plan on still living on a tight budget. I need to build up my emergency fund first ($1500). I will pay $600 monthly to the loan  (which is currently in deferment bcs of school) and anything left over at the end of the month will be put towards the loan. The money will go to my unsubsidized loans first, working from the smaller amounts to the larger ones. The subsidized loans will be paid last and I will more than likely consolidate my loans after completing my program. My goal is to pay $1000/month on this loan and once my net income reaches $3000 it will be easily do-able.\n\nSo what do you think? Am I crazy? Can you think of any cons that I havent listed?\n\nEdit 1: line spacing issue"
  Self: "I think it sounds like a good idea. Your credit card likely has a very high interest rate and it's best to pay that off asap (even with a student loan). \n\nThat said, there's no -if I'm disciplined. You damn well have to be disciplined. If you get this large student loan, pay your credit cards off immediately and DO NOT look at this as free money. Stick to a budget and work towards financial freedom."
  User (kissandthrowaway): "Thank you for taking the time to respond to my post!  And you are right and I will keep that mind. I'm just a little nervous about the whole situation. "
  infinnitech (infinnitech): "People do this exact thing and run their credit cards right back up. They post here asking for help long after they've buried themselves deeper than where they started. You HAVE to be responsible or you will be in a world of hurt. \n\nOtherwise, it's a good idea and can work out well. Good luck!"
  User (kissandthrowaway): "Thank you for replying! Out of curosity, any suggestions on what to do with the credit cards? Should I chop them up &amp; leave the credit stagnant? Place in a bowl of water and place it in a freezer? "
  illredditlater (illredditlater): "Treat them like cash. If you can't buy the item your buying with cash at the current moment in time then do not buy it. And no, not "my next paycheck" either, you have to be able to afford it now. If you can live by that rule then yes, stash it away somewhere. \n\nCredit cards often have rewards programs you can use. I use my card for as many purchases as possible, but I pay it off at the end of each month so I don't get charged interest. If you can't buy the item then don't put it on your card. "
  