Debt Relief & Management

Archive for the ‘Managing Debt’ Category

http://achievesuccessforlife.com/ for more tips & strategies. Tips to manage your debt

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Laurie Campbell, executive director at Credit Counselling Service of Toronto, with Rob Carrick from the Globe and Mail discuss managing debt. What kinds of debt are people carrying? What puts people over the edge so that they can no longer manage their debt? Will an upturn in an economy help those with debt? Why is it better to be proactive with debt?

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There are many sites on the web, but most of them charge monthly fees and setup costs. I need help managing my credit, developing a budget and getting out of debt. Are there any good companies or non-profit organisations that provide these services?

Contact Consumer Credit Counseling Services, they are free and will work with your creditors to lower both your monthly payments and your interest rates. I used them several years ago and was debt free in 36-months.

There are many sites on the web, but most of them charge monthly fees and setup costs. I need help managing my credit, developing a budget and getting out of debt. Are there any good companies or non-profit organisations that provide these services?

Contact Consumer Credit Counseling Services, they are free and will work with your creditors to lower both your monthly payments and your interest rates. I used them several years ago and was debt free in 36-months.

I mean, jeezus. I feel traped with no way out ):

Get a job? Yes. Easy? No.

If payments have you strapped right now you can talk to your lender/servicer about different repayment plans that are open to you. With that amount of federal loan debt (providing it is all federal) you can opt for up to 25 years to pay your loans back, rather than the standard 10 year repayment plan.

What this will do is lower your monthly payment. Now keep in mind that if you if take 25 years to repay this debt you will probably have paid back something like 100k in loans because of the interest you will pay over the life of the loan. This strategy is good for starting out when jobs are scarce, or your starting income makes living paycheck to paycheck tight.

Eventually you need to be doubling up on payments and paying them off as soon as possible. With federal loans you also have forbearances, economic hardship deferments, and unemployment deferments if you need them. Make sure you strategize to payoff any private loans you have first because these will be your costliest.

Hope some of this information is helpful to you. Good luck!