Student Loan Debt Consolidation
People who graduate from college in 2008 had an average student loan debt of $23,200, according to a new report from the Project on Student Debt. In some cases, student loan debt consolidation could be helpful.
High Unemployment for College Graduates
With a high rate of unemployment, many graduates have faced a tough time finding jobs to begin paying back their student loans. The unemployment rate for college graduates was 10.6% in the third quarter of this year. Some graduates have questioned whether it was really worth it to go to college and end up deeply in debt.
Consolidate Loans for One Payment
If you are among those struggling to pay back students loans, here are some things to know about debt consolidation. Student loan debt consolidation allows you to combine several loans into one. A debt consolidation loan should give you a lower overall interest rate and more affordable monthly payments. Some consolidation loans actually extend the repayment period to give you lower monthly payments.
Federal vs. Private Student Loan Consolidation
Federal student loans must be consolidated separately from private student loans. There should be no advance fee required when you consolidate federal loans. Avoid any lender that asks for money upfront to consolidate loans.
Student loans taken out by students and parents can be consolidated, but not together. Married couples must take out individual consolidation loans instead of combining their debts.
Compare Debt Consolidation Loans
You can choose any lender to consolidate your loans. So shop around to find the best interest rate for debt consolidation. Some lenders have stopped making consolidation loans because of the tough economy but there is still help available.
Student loan debt usually won’t be discharged if you file for bankruptcy. So if you have a lot of debt it’s best to find a solution such as debt consolidation that allows you to pay the money back and avoid damaging your credit score.
(No Ratings Yet)
Loading ...Credit Card Debt: Nearing Record Default Rates
Fitch ratings reports that credit card defaults (defined as delinquencies of 60 days or more) reached near record levels during October, for an overall default rate of 4.41 percent. Citing unemployment as the primary cause for struggling debtors skipping payments, Fitch suggests that debt burdened consumers may have a way to go before economic and labor concerns wane. In these uncertain times, eliminating credit card debt is a critical aspect of debt management and financial planning.
Credit Card Debt: Holiday Season Can Create Problems
It can be tempting to fill your wallet with credit cards and head out to the malls or to your computer for online shopping. Instead of invoking the shopper’s battle cry of “Charge!” take control of your finances by creating a cash based budget, putting the plastic away, and planning your holiday shopping.
Your Morning Latte and Your Cash-Based Budget
It isn’t realistic to expect consumers to give up all of their pleasures, but cutting back is an important part of paying off your credit card debt. Having a latte now and then isn’t likely to sabotage your budget, but it is important to save for emergencies, other unplanned expenses, and your future. When developing your cash based budget, don’t forget to include monthly contributions to savings and retirement accounts. Having savings can help avoid a major plastic meltdown when your car needs a new transmission or your dog breaks a leg.
Shopping Trips and Traps: Don’t go without a Plan
- When you go shopping, always have a list, and next to each item on the list, pencil in a spending limit.
- Leave your credit cards at home. Carry a debit card or checkbook instead.
- Politely (and forcefully) decline offers to earn discounts and bonuses for opening new credit card accounts.
- Don’t deviate from your shopping list. Eliminate “Just this once” and “It’s such a good deal” from your vocabulary and rationale for impulse buying.
- When you’ve bought everything on your list, depart the retail scene. Don’t hang around to browse. If you’re shopping with a friend who suggests having coffee or lunch, leave the mall, and pay cash for your meal or refreshments.
Getting Debt Help: Debt Consolidation and Credit Counseling
For many, using self control with spending is not a strong point (you didn’t get into credit card debt by “just saying no.”) If you’ve tried unsuccessfully to pay off credit card debt, getting debt help from a credit counseling service can help you establish a budget and an affordable debt repayment plan. Credit counselors typically work with all of your creditors to develop your plan. You pay the credit counseling service, and they distribute funds to credit card companies according to your payment agreement. Don’t hesitate to get debt help if you’re struggling; the sooner you find a solution the sooner you can be free of credit card debt.
(No Ratings Yet) Loading ...- This blog covers a wide variety of debt consolidation and loan topics.
We rely on a large network of financial experts and leading authors to write the content for the DebtHelp.com Blog.
Get help with debt before seeking an auto loan
Keeping your personal "debt ceiling" from crashing down
Will debt ceiling deal lead more people to seek help with debt?
- September 5, 2011–September 11, 2011
- August 29, 2011–September 4, 2011
- August 22, 2011–August 28, 2011
- August 15, 2011–August 21, 2011
- July 25, 2011–July 31, 2011
- July 18, 2011–July 24, 2011
- July 11, 2011–July 17, 2011
- July 4, 2011–July 10, 2011
- June 27, 2011–July 3, 2011
- June 13, 2011–June 19, 2011
- June 6, 2011–June 12, 2011
- May 30, 2011–June 5, 2011
- May 23, 2011–May 29, 2011
- May 16, 2011–May 22, 2011
- May 9, 2011–May 15, 2011
- May 2, 2011–May 8, 2011
- April 25, 2011–May 1, 2011
- April 18, 2011–April 24, 2011
- March 21, 2011–March 27, 2011
- March 14, 2011–March 20, 2011
- March 7, 2011–March 14, 2011
- February 28, 2011–March 6, 2011
- February 21, 2011–February 27, 2011
- February 14, 2011–February 20, 2011
- January 31, 2011–February 6, 2011
- January 24, 2011–January 30, 2011
- January 17, 2011–January 23, 2011
- January 10, 2011–January 16, 2011
- January 3, 2011–January 9, 2011
- December 27, 2010–January 2, 2011
- December 13, 2010–December 19, 2010
- December 6, 2010–December 12, 2010
- November 29, 2010–December 5, 2010
- November 22, 2010–November 28, 2010
- November 15, 2010–November 21, 2010
- November 8, 2010–November 14, 2010
- November 1, 2010–November 7, 2010
- October 25, 2010–October 31, 2010
- October 18, 2010–October 24, 2010
- October 11, 2010–October 17, 2010
- October 4, 2010–October 10, 2010
- September 27, 2010–October 3, 2010
- September 20, 2010–September 26, 2010
- September 13, 2010–September 19, 2010
- September 6, 2010–September 12, 2010
- August 30, 2010–September 5, 2010
- August 23, 2010–August 29, 2010
- August 16, 2010–August 22, 2010
- August 9, 2010–August 15, 2010
- August 2, 2010–August 8, 2010
- July 26, 2010–August 1, 2010
- July 19, 2010–July 25, 2010
- July 12, 2010–July 18, 2010
- July 5, 2010–July 11, 2010
- June 28, 2010–July 4, 2010
- June 14, 2010–June 20, 2010
- June 7, 2010–June 13, 2010
- May 31, 2010–June 6, 2010
- May 24, 2010–May 30, 2010
- May 17, 2010–May 23, 2010
- May 10, 2010–May 16, 2010
- May 3, 2010–May 9, 2010
- April 26, 2010–May 2, 2010
- April 19, 2010–April 25, 2010
- April 12, 2010–April 18, 2010
- April 5, 2010–April 11, 2010
- March 29, 2010–April 4, 2010
- March 22, 2010–March 28, 2010
- March 15, 2010–March 21, 2010
- March 8, 2010–March 15, 2010
- March 1, 2010–March 7, 2010
- February 22, 2010–February 28, 2010
- February 15, 2010–February 21, 2010
- February 8, 2010–February 14, 2010
- February 1, 2010–February 7, 2010
- January 25, 2010–January 31, 2010
- January 18, 2010–January 24, 2010
- January 11, 2010–January 17, 2010
- January 4, 2010–January 10, 2010
- December 28, 2009–January 3, 2010
- December 21, 2009–December 27, 2009
- December 14, 2009–December 20, 2009
- December 7, 2009–December 13, 2009
- November 30, 2009–December 6, 2009
- November 23, 2009–November 29, 2009
- November 16, 2009–November 22, 2009
- November 9, 2009–November 15, 2009
- November 2, 2009–November 8, 2009
- October 26, 2009–November 1, 2009
- October 19, 2009–October 25, 2009
- October 12, 2009–October 18, 2009
- October 5, 2009–October 11, 2009
- September 28, 2009–October 4, 2009
- September 21, 2009–September 27, 2009
- September 14, 2009–September 20, 2009
- September 7, 2009–September 13, 2009
- August 31, 2009–September 6, 2009
- August 24, 2009–August 30, 2009
- August 17, 2009–August 23, 2009
- August 10, 2009–August 16, 2009
- August 3, 2009–August 9, 2009
- July 27, 2009–August 2, 2009
- July 20, 2009–July 26, 2009
- July 13, 2009–July 19, 2009
- July 6, 2009–July 12, 2009
- June 29, 2009–July 5, 2009
- June 22, 2009–June 28, 2009
- June 15, 2009–June 21, 2009
- June 8, 2009–June 14, 2009
- June 1, 2009–June 7, 2009
- May 25, 2009–May 31, 2009
- May 18, 2009–May 24, 2009
- May 11, 2009–May 17, 2009
- May 4, 2009–May 10, 2009
- April 27, 2009–May 3, 2009
- April 20, 2009–April 26, 2009
- April 13, 2009–April 19, 2009
- April 6, 2009–April 12, 2009
- March 30, 2009–April 5, 2009
- March 23, 2009–March 29, 2009
- March 16, 2009–March 22, 2009
- March 9, 2009–March 15, 2009
- March 2, 2009–March 9, 2009
- February 23, 2009–March 1, 2009
- February 16, 2009–February 22, 2009
- February 9, 2009–February 15, 2009
- February 2, 2009–February 8, 2009
- January 26, 2009–February 1, 2009
- January 19, 2009–January 25, 2009
- January 12, 2009–January 18, 2009
- January 5, 2009–January 11, 2009
- December 29, 2008–January 4, 2009
- December 29, 2008–January 4, 2009
- December 22, 2008–December 28, 2008
- December 15, 2008–December 21, 2008
- December 8, 2008–December 14, 2008
- December 1, 2008–December 7, 2008
- November 24, 2008–November 30, 2008
- November 17, 2008–November 23, 2008
- November 10, 2008–November 16, 2008
- November 3, 2008–November 9, 2008
- October 27, 2008–November 2, 2008
- October 20, 2008–October 26, 2008
- October 13, 2008–October 19, 2008
- October 6, 2008–October 12, 2008
- September 29, 2008–October 5, 2008
- September 22, 2008–September 28, 2008
- September 15, 2008–September 21, 2008
- September 8, 2008–September 14, 2008
- September 1, 2008–September 7, 2008
- August 25, 2008–August 31, 2008
- August 18, 2008–August 24, 2008
- August 11, 2008–August 17, 2008
- July 28, 2008–August 3, 2008
- July 21, 2008–July 27, 2008
- June 16, 2008–June 22, 2008
- June 2, 2008–June 8, 2008
- March 17, 2008–March 23, 2008
- November 12, 2007–November 18, 2007
- November 5, 2007–November 11, 2007
- October 29, 2007–November 4, 2007
- October 15, 2007–October 21, 2007
- September 17, 2007–September 23, 2007
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.
- Auto Loans (1)
- Consumer Credit Counseling (69)
- Credit Cards (37)
- Debt Advice (114)
- Debt Consolidation Options (60)
- Debt Consolidation Scams (15)
- Debt Management Options (62)
- Debt Settlement (27)
- DebtHelp.com (208)
- Economy & News (19)
- Helping Consumers (54)
- Managing Debt (65)
- Mortgage Fraud (2)
- Saving money in today's economy (21)
- Your Credit (19)
- You will recieve a reminder when we post a new article to the DebtHelp Blog.
Loading ...