The AARP recommends credit counseling / debt consolidation services to senior citizens as alternatives to bankruptcy.
The most important advice for seeking out such services is to find a reputable firm. Some great firms even specialize in working with seniors. Check with the Better Business Bureau (http://www.bbbonline.org) to make sure that a company of interest does not have an inordinate number of complaints filed against it.
We recommend that senior citizens observe the following advice when using a debt management company:
- Look for a company that falls under the jurisdiction of some higher, regulatory body. Many states in the U.S. regulate debt management services, but if yours does not, it is especially important to look up companies with the Better Business Bureau.
- Make sure that your credit counselor is certified through the National Foundation for Credit Counseling, or the Association for Financial Counseling and Planning.
- Confirm that your sessions are 100 % confidential, and have this guarantee in writing.
Educational Loan Forgiveness Programs for Teachers and Other Professionals
In addition to student educational loan forgiveness or cancellation programs available to teachers, here are some programs for those in other careers.
Rental Property Renfinancing RatesYes, although rental property refinancing can take longer and cost more than traditional home refinancing.
What is the scam that leads borrowers to take small amounts of cash in frequent refinances?Loan flipping promises a monthly paycheck from your home's equity, but it can drain your wallet and even lead to foreclosure.
Will Loan Borrowers Profit from Education Funding Proposals?The American Recovery and Reinvestment Act and the proposed federal Fiscal Year 2010 budget provide increased funding for education from "cradle to career." Will they also help the student loan borrower?
To Stay or Not to Stay with the FFEL ProgramAccording to a flash survey conducted by Student Lending Analytics, over 30 percent of responding postsecondary institutions are changing or considering a change from the FFEL program to the Direct Lending program for the 2009-10 academic year.
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