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Avoid the Trap When You Consolidate Debt, part iii
Avoid the Trap When You Consolidate Debt
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To consolidate debt is a great idea with a trap built into it. The technique described here helps everyone in debt, but if you have an ongoing credit card debt you desperately need...
Credit Card Debt Settlement
Have you started receiving credit card debt settlement notices
in the mail? Have you been receiving collection calls? If this
is the case, you have probably been in debt and been dealing
with financial difficulties for quite some time.
...
Debt Consolidation - Is It Really The Best Option For You?
It is a very common question that people pose to themselves across the English speaking world: should I consolidate my outstanding debt? There is no single answer to this question, as no two people have identical finances and other personal...
Debt Consolidation - Types Of Help Available For Unsecured Debt Consolidation
There are several types of help available for unsecured debt
consolidation. You can choose to take out a debt consolidation
loan to lower your rates and payments. You may also choose to
use a debt consolidation programs, letting a third party...
Know Your Debt Consolidation Options
Nobody likes being in debt or the additional stress it adds to their life. Additionally, most individuals have some form of debt that is weighing heavily on them and they simply want to get rid of it. If you are in this situation then you might...
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Paying Off Your Student Loan With Debt Consolidation
It’s not unheard of, surely. But let’s get to the basics. There are two student loan types that are made available to financially struggling students. The federal student loan is a loan given by the government, particularly the country’s Department of Education’s Federal Student Aid program. If you have a federal student loan, this is easier to get debt consolidation for. The second type would be a private student loan. You get this loan from non-government lending institutions. Usually, they charge higher rates compared to those with the federal student loan type so it’s harder for debt consolidation specialists to take care of. In this article, we won’t bother discussing about how to get a student loan because that’s another topic entirely.
So anyway, now you’ve got your student loan, as well as other bills and you lack enough money to pay things off. Again, that’s where debt consolidation comes in. Debt consolidation is also known as bill consolidation, debt negotiation and debt settlement. Usually, the two latter terms somehow end up being connected with illegal means so it’s best to stick with debt consolidation for the moment. Debt consolidation is the process of totaling the amount of all your loans and bills put together and asking the help of a debt consolidation specialist to negotiate with your creditors in your behalf.
If you’re worried then about paying off your student loan, you now have an alternative. Usually, the school you attended or still attending can give you suggestions on which debt consolidation companies to approach. Failing that, if you’ve got a federal student loan, you can easily go to the nearest government branch and they can hook you up with a recommended debt consolidation specialist. Since the rates of a federal student loan differs from that of a private one, it is better that you don’t
refinance the two together.
Now, you can only have your federal student loan consolidated if you’re no longer in school, you’re not behind payment and minimal amount of loan that you took is $10,000. So if you don’t meet one of those three requirements, your student loan can’t be part of your debt consolidation program.
When it comes to private student loan types however, it’s much more lenient when it comes to requirements but it costs a bit more. If you don’t prefer any debt consolidation in particular, Citibank can offer you a program that would benefit you. You can check out StudentLoan.com for more details.
Statistics show that most student loans cost more than your income so this is at odds with the expectations of private lending institutions who give out student loans because they believe that your income will go higher as you complete a higher degree of educational level. Nonetheless, since you already took a loan and there’s no going back, it’s entirely understandable that you see debt consolidation as a solution, even though a lot of debt consolidation companies nowadays are being sued for fraud and malpractice. The importance is learning from your mistake. You took a student loan because you believe it was worth it. So now, you learn if it’s worth the financial worry. And later on, you’ll also learn if debt consolidation is worth the risk. All in a student’s day’s work.
About the Author: Diego HR. is the owner of My Debt Consolidation Advisor http://www.mydebt-consolidation.biz/ and invites you to take a download free helpful information, articles, and more.
Source: www.isnare.com
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