Yes it is possible to be debt-free. Let us help you see the light at the end of the tunnel. Also be sure to check out our complete guide to getting out of debt.
You’ve graduated college, now your student loan forbearance or “grace period” will end soon and you don’t know how to formulate a payoff strategy.
For those who don’t know where to start, below are 4 tried-and-true strategies to help jump-start your loan payoff…
There I was. 21 years old. $24,000 in debt.
I thought it was normal. I thought everyone had car payments. I thought debt was the only way of life. The American way.
I also couldn’t sleep at night, because I was so stressed. I had no plan for an emergency, other than to go into more credit card debt.
That’s when I got angry. A good motivating, driving anger. An anger that ultimately lead me and my family out of debt.
I realized that debt was controlling our life. And I wanted to be in control. So, I started reading…
Your credit score can tremendously impact your day-to-day life.
For Example, your credit score can affect everything from obtaining a mortgage to getting a new job. This is something that most people know. But what everyone doesn’t know is how exactly your score is calculated.
The reason that this isn’t common knowledge is because the credit bureaus do not tell you exactly how they calculate your score.
Even though we do not know the exact equations used, we do know what factors can have a tremendous impact on your credit score. For example, settling your debt can impact your credit score.
Let’s see exactly how debt settlement affects your credit score…
Are your student loan payments too much to handle?
Don’t worry, because you’re not alone.
As of December 2012, only 54% (20 million) student loan borrowers, out of 37 million were actively repaying their student loans.
If you’re overwhelmed by your student loans and need to lower your monthly payments, here are 5 student loan repayment programs that can help:
As of 2012, the average amount of student debt accrued by graduating students reached nearly thirty-thousand dollars.
For these graduating students, debt is a fact of life that they’ll be dealing with for around a decade after leaving their old alma mater.
Student debt can be prohibitive for many students, and the snowballing interest of forbearance makes it a highly unappealing option.
However, there are ways to brace yourself, or avoid payment entirely, by planning ahead when it comes to how to manage student debt before it becomes a problem.
Here are three strategies to consider when a future of student loan payments is just around the corner…
Type “Why Co-Signing” into Google and you will quickly see the suggested searches start with things like:
“Why co-signing is bad”
“Why co-signing is a bad idea”
Have you ever co-signed for someone before?
Or have you ever had someone co-sign for you?
Let’s see why it’s so bad and what you can do instead of co-signing for a friend or family member…
Do you know the total credit card debt of the United States population?
793.1 billion dollars.
Now you know. And now you have a sick feeling in your stomach. At least, I do.
Does that mean credit cards are evil? Nope.
It just means people are
That’s the problem. Here’s how to fix it…
If you want to be debt free, you need a strategy. A method.
The average US household has $54,000 in credit card debt.
You need a plan. You really do.
The good news is that you have more than one option.
There are several ways to get out of debt, but the two most used ways are called the debt snowball and the debt avalanche.
Let’s look at the differences and see what works best for you…