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5 Options if You’re Crushed by Student Loan and Credit Card Debt
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[QUOTE="Yusra3, post: 330804, member: 31907"] Student loans and credit card balances can become financially paralyzing. If you’re overwhelmed by high interest debt, consider these strategic moves: [B] 1. Debt Consolidation Loan[/B] Consolidating multiple balances into a personal loan with lower interest can reduce monthly payments. This combines debts into one fixed monthly bill. [B]2. Balance Transfer Credit Card [/B] Transferring credit card balances to a 0% promotional APR card stops accrual of interest for 12-18 months. Make payments on actual principal during this period. [B]3. Income-Driven Repayment [/B] Federal student loans may qualify for IDR plans like PAYE or REPAYE which base monthly payments on income and family size. This lowers payments. [B]4. Deferment/Forbearance[/B] Pausing federal student loan payments temporarily via deferment or forbearance provides relief during financial hardships or between jobs. Interest still builds. [B]5. Debt Management Plan [/B] A non-profit credit counseling agency can negotiate lower interest rates on bills and facilitate a centralized payment plan for total debt relief. Determine the right solution by calculating potential cost savings on interest reductions and assessing loan eligibility requirements. The goal is simplifying payments, stopping ballooning interest, and achieving manageable monthly bills. Relief programs buy time to improve cash flow and continue making progress on balances. Consult reputable non-profit advisors to understand all options fully. Don’t wait - a coordinated debt payoff strategy can change your financial trajectory. [/QUOTE]
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5 Options if You’re Crushed by Student Loan and Credit Card Debt
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