Having a tough time juggling several student loans? A debt consolidation plan could help you get back on track with your payments. But there are some cases where student loan debt consolidation may not be the right move.
About two-thirds of college students graduate with student debt, according to the College Board. The average amount of that debt is $22,700. Use the Federal Direct Consolidation Loan calculator to see what your monthly payments would be if you were to consolidate your federal loans. If you have several loans with variable rates, consolidating debt into a fixed-rate loan could lower your overall monthly payments. Read the rest of this entry »
One of the most attractive features of the debt settlement process is the ability to eliminate debt without having to increase your monthly payments. In fact, many people pay less per month during the debt settlement process than the minimums required by their credit card company. The use of lump sum payments to help accelerate the process often goes overlooked.
Many debt settlement companies require that you place money, every month, into a settlement account throughout the program. Ultimately, the goal is to accumulate approximately 50 percent of what you currently owe plus any fees being charged by the debt settlement company. During this time, you cease making payments directly to your creditors. Read the rest of this entry »
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Chris Rocks is the Regional Director of the National Credit Federation (NCF). NCF is a nationwide membership-based organization that assists consumers recovering from a financial difficulty and those who need a significant increase in their credit score.
Chris began his financial services career as a Financial Advisor helping young families with risk management and asset accumulation strategies. It was during that time that Chris realized that many of these young families also needed someone to guide their choices with regards to debt management.
He made the transition into the mortgage industry where he first worked as a loan originator and later the Vice President of a small mortgage company. As Chris came across clients who had suffered through financial challenges and saw the difficulty they had in re-entering our credit driven economy, he discovered there was a real opportunity to leverage his unique background and help others.
He can be contacted by visiting his personal site, GoodCreditLiving.com.
Francine L. Huff is the Publisher and Editorial Director of Super Savvy Publishing, LLC, which provides editorial and publishing services. She is a gifted author, freelance journalist, and motivational speaker who has entertained and motivated a variety of audiences through workshops, panels and keynote addresses. Francine is the author of The 25-Day Money Makeover for Women, which has inspired and motivated many readers to rein in poor financial habits, become good stewards over their money and work toward a debt-free life. She has appeared on a variety of TV and radio shows. Francine previously worked for the Wall Street Journal, where she was the spot news bureau chief, a news editor and a copy editor. She has interviewed a variety of financial professionals about financial issues and strives to present information about managing money in an easy-to-understand format that is accessible to people of all backgrounds and income levels.
Karen Lawson is a freelance writer with more than 15 years of experience working in mortgage banking and loan servicing. She holds BA and MA degrees in English from the University of Nevada, Reno. She enjoys writing informative articles about debt management and personal finance.