What is the difference between credit card dept and student loan dept?
by 
mizuiislife
ANSWERS: 3
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Generally, credit card debt has higher interest than student loan debt. You get student loan debt by doing the responsible thing of going to school. You get credit card debt by doing the irresponsible thing of spending more than you earn.
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Student loan debt is tax deductable and credit card debt isn't.
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student loans are usually federally backed and their threats can not be empty. They do not need a judgment to impose garnishment or seize your tax refunds. They also have no statue of limitations. So call the collection company, enroll in the federal loan rehabilitation program and it will go back into good standing after 9 to 12 payments. You will then have the derogatory trade removed from your credit report and you can move on with your life. payments in the program are usually 1 to 3 % of the balance of the loan. Garnishment payments are usually 15 % of your net pay. hope this helps. credit cards need judgment to impose involuntary collection actions, you can sue credit card collections that threaten you for adverse action that are not intended.
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