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Attacking Your Debt
Being in debt is miserable. Especially when the money
you owe goes towards goods or services rendered a long
time ago. For example, it’s August now, and chances are
good you’re paying dearly for a college education you’re
no longer enjoying. . . and may continue to do so for
several years! You may have taken on other debts in the
meantime, too - like a car payment, a monthly rent or
mortgage, or another student loan for advanced study.
Your stress level is rising along with your bill pile.
So what can you do about it?
While the problem appears complex, the answer is simple:
you must pay. Now how you go about paying is a whole other
story. No two sets of circumstances are alike, and therefore,
there is no prescribed cure for your financial woes. The
best you can do is learn the lingo, see what other folks
have done, and decide what strategy works best for your
unique situation.
The first step toward attacking your debt is understanding
what types
of educational loans you’ve incurred. Once
this is clear, it’s much easier to be realistic about
paying down your debt in a responsible and timely manner.
Since you’ve only been out of school a few months, you
might be enjoying the grace
period most lenders give new grads. It’s
a nice concept, but of course, there’s a catch. That pesky
grace period comes back to bite you in the form of higher
interest rates. Don’t dawdle. Start paying early and see
your pay-off sooner!
One way to alleviate the burden debt is to consider loan
consolidation. Simply put, consolidation
means combining a number of outstanding loans into a single,
larger but more manageable loan. You can usually accomplish
this through one of your existing lenders, but consider
looking around for less costly options, too. Consolidating
your loans means there is only one check to write a month,
much like a car payment or mortgage.
It’s hard to know if the choices you make regarding your
finances are the best ones. Here are a few web sites that
might be helpful when planning your attack:
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YouCanDealWithIt.com
is a resource for recent graduates like you. The
purpose of the site is to educate about student
loans and money management - and to remind you that
you’re not alone. It’s an interactive site that
helps guide you to the answers you need most. |
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Generation
Debt is an information clearinghouse
for young adults struggling with debt problems.
This site keeps visitors updated on loan consolidation
and refinancing regulations. |
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Pay
Our Student Loans. Depending on how
desperate you’re feeling on any given day, maybe
you’d like to solicit funds from complete strangers
to help pay down your debt? See how two entrepreneurial
young women designed a web site to do just that!
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So, let’s recap. Being in debt is miserable. That still
hasn’t changed. But hopefully, now that you’re more fully
armed with resources, the battle ahead seems a little
less daunting. It’s time to attack your debt head-on!
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