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Financing higher education is coming to a critical crossroads. The crossroads that so picturesquely stitch together the landscape in coal country saw many weary miners in a trudge to build […]
A Survey of Consumer Finances (SCF), administered by the Federal Reserve Board, has yielded some circumspect observations. The analysis discussed here bucks the trend of recent headlines braying over the […]
Frank Keating, current president of the American Bankers Association (ABA ), has weighed in on two sectors of banking – the economy that continues to grate on home owners, and […]
Beginning July 1st, graduates who defaulted on their Federal student loans will have a chance to redeem themselves, get back on track and even heal any damage already suffered on […]
The rate of default is driving up the cost of student loans for some colleges. Default rates two years out from graduation range from 12.4% to 37% and higher in […]
The 1.2 trillion dollars in debt owed by baccalaureate students of the last decade may prove to be a drag on the economy, according to MSN. This is especially true […]
Women graduates in 2001 paid 11% of their income toward paying off their student loans one year after graduation, according to a recent Washington Post article. In 2009, women were […]
Bankrate.com 6-14-14 Keeping 15 to 20 percent of your equity even after cashing out is a good thing. Though regulation has not changed since the financial crisis of 2008, lender practices […]
At least 25 million former students who struggle to pay a monthly student loan debt might appreciate a new bill signed by President Obama today. The memorandum is intended to […]
A recent article posted on “Quartz” (qz.com) written by Matt Phillips announces that Americans are busting out the credit cards more frequently once again after a significant dip in credit […]
- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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