Debt Consolidation Credit Counseling

Welcome to the real world! You have graduated from the university. Diploma in hand, you go out and try to find out how much your degree can up your income. Sadly, the real world does not guarantee that the job you will find will pay you substantially and sustain the kind of life that you desire.

Now, you not only have to worry about scrounging up enough income to pay for your daily expenses, you also have to worry about paying off the various student and personal loans that you have taken to get you through college.

Everybody knows that a great number of college graduates get out of the university with thousands of dollars worth in loan payables. This does not even include spendings charged on credit cards.

Put all these payables together with an income that is below what you expected and you are sure to face a personal finance nightmare. For sure, you will be struggling to juggle your income in order to cover your monthly loan accountabilities.

Before you get deep into the debt trap, it would be advisable to go into debt consolidation credit counseling. It is not difficult to get this kind of service as there are a lot of these companies around. You can either go to the offices of local financial institutions in your vicinity or you can search the internet for listings of these companies.

Get help now while your head is still above water. It would be both financially and emotionally taxing for you to deal with the problem it you let your debt grow uncontrolled.

Through debt consolidation credit counseling, you will be able to put together all your loans into one loan with terms and conditions that will be manageable given your current income scenario. There is nothing wrong with facing your debt problem upfront. By consolidating your student loans, you are acting more responsibly towards your finances.

You will find when you go through debt consolidation credit counseling that your loan consolidation instrument will depend on the kinds of loans you already have. For federal student loans, you can turn to the Federal Family Education Loan Program (FFELP) or the Federal Direct Student Loan Program (FDLP).

Among the loans that you consolidate under these programs include Stafford Loans, Federal Perkins Loans, and PLUS Loans. Consolidated loans under these programs could be paid for in anywhere between ten to thirty years.

These consolidated loans have fixed interest rates throughout the loan tenor. As a result, you will have lower monthly payments that are spread out over a longer period of time. If you have taken out private student loans to supplement your federal student loans, on the other hand, you will have to look at private loan consolidation instrument.

The choices for these consolidation instruments are vast and you can choose depending on your preferences verse your income stream. Debt consolidation credit counseling services companies could help point you to the right direction when it comes to the right consolidation instrument for you.

After dealing with the clutter of loan repayment bills and statements of account, your financial state will be much more clearer when you go through debt consolidation credit counseling.

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