There comes a time when students who acquired a loan for their studies tend to ignore paying their debt. This becomes a problem in the long run. Rates continue to increase when this happens. If you are planning to get a student loan and think that you cannot keep up with payments, better not consider one.
Not paying a debt can lead to paying a greater sum of money or even imprisonment. That is why it is always important to read and understand the lender’s terms and conditions before considering a loan. If you are an irresponsible payer then it is better to avoid these types of problems. More information about ignoring a student loan here:
Defaulting on some student loans gets more costly Defaulting on college loans is always a bad idea. It not only triggers a harsh debt-collection process, it can also savage your credit rating and make borrowing difficult and more expensive. And now, a move by the Trump administration will make student loan defaults even more expensive. The Department of Education (DE) is getting behind an onerous 16 percent surcharge on Federal Family Education Loans in default. (The measure doesn’t apply to federal “Direct” loans the DE itself offers or holds.) If you have loans from the Family Education program and are in default status, that’s a big wallop. The DE is reversing an earlier action that would have given borrowers a break on that fee. https://www.cbsnews.com/news/defaulting-on-some-student-loans-gets-more-costly/ If you have a good paying part time job and a good credit record then getting a student loan and having it paid in time is not a problem. There are many helpful ways on how to pay off student loans fast. Read this post to learn more about it. Reaching one’s goal like graduating from college and getting a good job requires some sacrifices. Getting a student loan and paying it off is considered one. Good luck with your studies and hope you finish paying off your student loan soon. Paying off your student loan will give you a good credit standing and this will be very helpful in the future. Here's a video explaining about the benefits of paying off student loans fast:
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One of the primary reasons why credit card debt is so hard to get out of is because of the high interest rates that is added to it every month. If you can only get rid of this rate, do you think you can pay off your debts quickly? If that is all that you need to get ahead of your credit problems, then there is a way for you to get rid of your credit card’s interest rate. It is another type of debt consolidation that makes use of balance transfer cards.
The idea is to literally transfer the credit card balance to another account. You can shift your balance to an existing account that has the lowest interest rate but if your goal is zero interest, you can avail of a new account that offers this as an introductory promo. With all the negative publicity about how credit cards can easily put anyone in debt, banks and credit card companies came up with a promotion that will attract discouraged consumers. They offer these zero interest cards so debtors have the option to transfer their high interest credit card balance into this new account. Of course, there is a fee involved that is usually a percentage of the amount that you will transfer. Nevertheless, the elimination of the interest rate is a great way for anyone to eat up a huge portion of their debt. The companies behind these balance transfer cards are strictly mandated by the government to lengthen the zero interest promo period. The minimum is 6 months. After that, these cards will go on to their intended high interest rate charges. Read entire Want To Eliminate Your Credit Card Interest Rate? Here’s How where it was originally published. |