Understanding different kinds of student loans and the best strategy to pay them off. Consolidation is an effective strategy to pay off the loan only if you do not plan to use the Student Loan Forgiveness Program. Keeping the student loan for tax deduction purposes is effective only if your income is withing the write off range. Still, in the end, keeping the loan around for years on end will add up to thousands of dollars of interest payments. This very interest payments could be reduced significantly if you work towards paying it off early which results in a higher net worth. .
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A one minute video through which debt (loan) consolidation, refinancing and restructuring are defined, explained and compared.
A lot of people think debt consolidation is the same thing as debt refinancing. Or that debt restructuring and debt refinancing are synonyms.
That’s definitely not the case.
Loan consolidation, refinancing and restructuring sometimes have things in common but make no mistake, we’re talking about completely different terms.
Today, I did my best to put debt consolidation, debt refinancing as well as debt restructuring under the microscope.
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If you’re stuck in payday loan debt, payday loan consolidation can help you escape the debt trap. By combining your multiple monthly payments into one, easy-to-pay monthly payment, you’re able to get out of debt without breaking the bank.
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If you’re looking for payday loan help, we’re your team. We specialize in payday loan consolidation for any budget and have helped hundreds get out of debt. Our one-payment programs are customized to fit your payday loan help needs.
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Hey Hey! Welcome to another LIT segment of Credit Makes $ense w/ Netiva, The Frugal CrediTnista
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This week we’re BUSTING some Credit Myths! Meet me Monday – Friday ***This Week Only*** at 12:30p EST as we BUST a New Myth Each Day!!!
Today’s Credit Myth: “I Read that If I Consolidate My Debts, I Will Pay A Lower My Monthly Payments & My Scores Will Increase. Is this True?”
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http://financesolutions.org/debt-relief-options/debt-consolidation/ A Debt Consolidation Loan can be an effective way to pay off high interest credit card debt and provide debt relief through lower interest rates. For the millions of Americans who struggle with high debt levels, this can offer a solution where the creditor gets paid in full and you are able to reduce the monthly expenses.
Some debt consolidation loans require a form of security which means you must have equity in your home and transfer the debt to a home equity loan. This can result in a longer payoff period. It also results in moving unsecured debt to a secured debt which has its own set of risks.
One way to get ahead of debt is to borrow in the form of a debt consolidation loan. But before you go down this road, there’s something you need to do first.
In need of debt help? Should You Get A Debt Consolidation Loan? That will likely depend on your situation. So how do you know for sure what your best option is? Doug Hoyes, a Licensed Insolvency Trustee, with Hoyes, Michalos and Associates talks about the pros and cons of debt consolidation and what you can do if your consolidation options are not very favorable due to bad credit or if you’re already maxed out on monthly payments.
To learn more about debt relief options, have a watch, scroll through our playlists, or visit us at:
Q. I have a bad credit score. Can I get a debt consolidation loan?
A. Your credit score is a reflection of how you handle credit and debt. A bad credit score shows that you haven’t handled your credit accounts responsibly so a new creditor is unlikely to offer you a debt consolidation loan with a low interest rate.
Even though you may not qualify for a debt consolidation loan there is a way you can reduce your debt and save some money in the process.
It’s called debt negotiation also known as debt settlement. You can negotiate with the creditor or debt collector to settle your debt for less than what you owe. Of course, your lender will need to accept the settlement and agree to cancel the remainder of your debt. Most of them will agree to settle since they would get nothing if you decided to file for bankruptcy.
Plus, debt negotiation is not as severe a hit to your credit score as a bankruptcy filing.
If you don’t want to hassle negotiating with your creditors, you can hire a BBB accredited debt negotiation company to do it for you. Visit https://www.nationaldebtrelief.com to learn how to consolidate your credit card debt without bankruptcy.
Why you should consider using a personal loan to payoff high interest rate debt. The standard deduction is now $12,000 per person or $24,000 for a married couple filing jointly. As a result, there is likely no tax benefit to borrowing against your home, and a better option could be a personal loan to pay off high interest rate credit card debt. Make the same payment you are making now but refinance it to a low single digit rate and pay it off in 3 to 5 years, saving 15 years of payments. Here is a link to comparison shop https://www.lendingtree.com/personal/ #creditcards #creditcarddebt #payoffdebt