Consolidating studentloans com
Rehab is generally better overall, since it removes the default from your credit history (and you could still consolidate after finishing rehab, if you really want to).
It’s a federal Perkins loan, and for some reason I don’t think it has been affecting my credit score.
Minimum monthly payments aren’t doing the trick to help nix your debt, and you’re flippin’ scared.
Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates. But the truth is debt consolidation loans and debt settlement companies suck even more. In fact, you end up paying more and staying in debt longer because of so-called consolidation.
Your monthly payment on the first loan is 7, and the payment on the second is 3. If you make monthly payments on them, you will be out of debt in 41 months and have paid a total of ,821.
You consult a company that promises to lower your payment to 0 per month and your interest rate to 9% by negotiating with your creditors and rolling the two loans together into one. Who wouldn’t want to pay 0 less per month in payments?
And other loan companies will hook you with a low interest rate then inflate the interest rate over time, leaving you with more debt! Your goal should be to get out of debt as fast as you can!
Debt settlement companies also charge a fee for their "service." Often, the fee is anywhere from 15–20% of your debt.The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. Be on guard for “special” low-interest deals before or after the holidays.Some companies know holiday shoppers who don’t stick to a budget tend to overspend then panic when the bills start coming in.If that’s not bad enough, fraudulent debt settlement companies often tell customers to stop making payments on their debts and instead pay the company.Once their fee is accounted for, they promise to negotiate with your creditors and settle your debts. Well, the debt settlement companies usually don’t deliver on helping you with your debt after they take your money.