I have a student loan of $ 16 k which is defaulted currently. I’m thinking about consolidating the loan using my visa credit card.
Can it be possible?
Or what do you recommend?
Thanks for your help and time.

J.

After countless time of search, I have found what I was looking for.

Very informative and helpful post I must say! Thanks for sharing, your post and blog has been quite helpful to me, thanks again!

Some parts were difficult to understand, but I will get around to re-reading them again. Overall very helpful.

I highly recommend this blog.

I am looking at it as a free $500 or so to put towards our debt.

It’s true that right now I simply transferred one debt to another. However, since I don’t pay anything for the transfer (yes, thanks the no fee offer), I didn’t really call it a “debt.” Another reason I decided to do it now is the remaining loan is at a more manageable, or affordable, level so it won’t become a burden. I wouldn’t even consider taking this approach if the loan is, say, $25,000.

I have done quite some balance transfers before and all were paid off when they were due. This time it’s different from all those 0% balance transfer I did before because I did “spend” the money instead of just letting it sit in the bank. We do have the money available to pay off the loan if we want to do it right away. However, using a 0% BT offer gives us more time (12 months) and makes the process more gradual. I plan to continue to make $640 payment to my credit card as if I am still paying the loan instead of just the minimum payment so when the credit card offer expires, I only need to pay $10,000 roughly. Since interest rates are likely to go even lower, there isn’t much profit even I save all the money in the bank for one year. What I should have done when I called Citibank is to move another $10,000 from another card and take it all out.

Maybe I can find another no fee 0% BT offer at that time and keep it rolling for another 12 months