Reduce Debt?
Shakers asked:
Here is the deal…I have $25,000 in student loans that are currently in deferment (but running out of time), I have $10,000 in credit card debt, I just changed jobs about 6 months ago, had a baby 8 months ago, and we are getting ready to have another baby in August. I want to get rid of some of this debt, whether that be some sort or loan forgivness or whatever. I currently working for a University in the Admissions department and also getting ready to go back to school to get my MBA. Any suggestions?
Here is the deal…I have $25,000 in student loans that are currently in deferment (but running out of time), I have $10,000 in credit card debt, I just changed jobs about 6 months ago, had a baby 8 months ago, and we are getting ready to have another baby in August. I want to get rid of some of this debt, whether that be some sort or loan forgivness or whatever. I currently working for a University in the Admissions department and also getting ready to go back to school to get my MBA. Any suggestions?
February 10th, 2009 at 12:41 am
Find ways to spend less.
February 11th, 2009 at 2:56 pm
If there was an easy answer to this question then you would be so rich that you wouldn’t have to worry. I would suggest getting a another deferment until you are better financially to pay down the debt. The only other alternatives are to work more, win the lottery, or rob a bank. And all three are extremely difficult to do.
February 14th, 2009 at 7:11 pm
Stop spending on your credit cards if you haven’t already. This may not be popular, but you might want to consider postponing your MBA and getting a second job to pay off the loans & credit card debt you currently have.
February 17th, 2009 at 9:02 pm
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.