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A guide on how to tidy up your debts with a debt consolidation loan. More advice on debt loan consolidation at walletwatchershow.com
I’m 25 and married w/o kids living in Michigan. I make around 33k a year. My wife was laid off and she is using the opportunity to go back to school for free while getting unemployment which is only $150 a week.
I owe 12k in credit card debt and 31k to my student loan. With the cost of living and paying all the minimums, we’re living from paycheck to paycheck. She wont be finished with school for 2 years and I can’t live like this that long… I know I could pay the debt in a matter of months if we moved back in with our parents but that’s out of the question for her.
I’m applying without a co-signer and wish to lower my monthly payments (I’m paying about 5 banks right now, every month.)
FIXED Interest rate 13.45%
14.10% APR
5.00% Loan Fee
$398.73 Monthly Payment
OR
do it separately?
More students every year opt for student loans consolidation. This is not surprising, as consolidating loans has many benefits: a fixed interest rate for the duration of the loan and the convenience of one lower payment a month instead of many payments.
For students struggling with multiple school loans, loan debt consolidation may be just what they need to help manage their finances.
Even though you may think you have many years ahead to solve that problem, the truth is that once you apply for a loan the loan terms are fixed and you will have to stick to them even if the circumstances change.
Avoid Future Problems
What is the easiest and fastest way to pay off my credit card bills and student loan debt?
Basically what I am looking at is a choice of which branch to join. While I would like to finish college first and potentially get a commission as an officer, I have been reduced to only two classes each semester from cost and time constraints, and my community college has almost no options for an actual degree, it’s more of a place to take the prerequisite classes before transferring out.
So the reason for enlisting is to pay for college without the weight or burden of student loans. But if any of you think it would be better to take out the loans and get the school finished first, let me know that too!
If one pays off federal student loans with a credit card, and then is delinquent on the card and the creditor charges it off…..
May the card issuer get the IRS to pursue the debt on its behalf as this debt was originally a federal student loan?
OR
Does the fact that they were federal loans not matter since the loans were paid off through the card and the lender of the loans, its gaurantor and the IRS are now OUT of the picture, as it became a regular credit card debt, in which case one would ONLY have to deal with the card issuer (and its collectors) as any other credit card debt?
I know that crad rates are higher and that consolidation of loans is good. I have already done that.
I am NOT interested in all that.
I only want to know what may happen once the card that was used to pay off federal student loans is charged off?
Is it like any other card charge off or not.
Have you been reeling under bad credit tag for a long time and so you find locating a new loan harder. Or do you want a new loan for improving your credit score? There are numbers of lenders who are providing loans for bad credit. These loans come handy for borrowers having multiple credit problems including having arrears, late payments, payment defaults, CCJs and IVAs. Not only these loans are approved without many credit hurdles but the borrower is free to use the loan for whichever purpose like home improvements, wedding, debt consolidation, holiday tour, buying a car.
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