How do I get rid of my credit card debt?

I am a college student that had poor money management skills early in college. I am in about $9,000 worth of debt from the past 3 years (much is late fees) and the collectors have been calling me. Are there any good steps to take to get me on the road back to debt free? I've heard about loan consolidation and stuff but I don't know if thats just a scam.

For debit consolidation you must have over $10K in debt, some even more.

The best thing to do is call the debtors and make an arrangement with them. Make your payment proposal as much as you can afford monthly.

Good luck, the collectors must call, you do owe them.

Debt relief companies and debt consolidation companies are largely scams. They will take money up front (illegal) for settling debt you owe, then many of them do nothing or let it get really bad before they help you--which ruins your credit anyway. For the most part they cannot do what they say they do--and it's nothing you can't do for free on your own anyway!

But--for good solid financial management and help, you CAN go to Consumer Credit Counseling services (CCCS) who can and will help you for either free or a very MINIMAL fee. I urge you to look in the phone book in the yellow pages under "credit" or in the business listings.

Each CCCS office operates locally and it's a NON-Profit agency--if they don't say that, don't use them--a lot of these bad companies use names that are very similiar to CCCS's name and they are NOT non-profit.

Dont' call and threaten your creditors. They are far more powerful than you are, and you owe THEM money. If you threaten, you will be asked to close your account and pay it up in full--and they can STILL enforce that by wage-garnishment, or lawsuit. When you talk to them, be very polite and ASK for lower interest rates or whatever--and ASK for help paying off the bills. And don't use the cards while you're doing it.

There are plenty of ways to pay off the debt without bankruptcy, closing your accounts or threats and lawsuits. CCCS can really help you.

Suze ormond had a whole show on those debt consolidation companies.

They take your money and they say they will take care of everything.

They tell you to ignore the phone calls and bills.

They let the bills pile up for 6 months without paying anything. In the meantime you are racking up late fees and interest.

The thinking is that the cc companies will get nervous and settle.

Most of the times they don't (depending on the amounts), and you end up in court anyway.

There is a company nfcc.org (i think) its called consumer credit counceling. In some places its free if not its a $24/month charge. They tell you how to manange your finances.

And, of course you can call the cc companies yourself and threaten to close the accounts if they don't reduce the interest rates. You can settle (for your purchases), but be ready to send them a check for payment in full.

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The first thing to do is to call your credit card companies. Try to work out a plan with them. If that doesn't work, try to cut out some expenses that you know you don't need to be spending money on and use what you save to pay down your credit balance.

Try to come up with a budget. I have been using a budget for the past several years and I am happy to say that within a couple of months the only debt I will have is student loans (which is the next thing I plan to pay off).

Also check out bankrate.com. That site has tons of useful information for all things financial. Let me know if you need more specifics!

Iowa Loans and CollegeInvest?

It seems that the college invest student loan consolidation is somehow affiliated with Iowa Loans. Does anyone know the specific relationship between these two companies? Subsidiary, parent company, DBA, or other?

yes

I am a representative of CollegeInvest and am happy to explain our relationship with Iowa Student Loan Servicing Corp.

Iowa Student Loan Servicing Corp is CollegeInvest's loan servicing partner for federal student loan consolidations.

CollegeInvest is a not-for-profit division of the Colorado Department of Higher Education. As such, our only goal is to help students get an education beyond high school. We provide expert information, simple planning tools, scholarships, savings plans, and low-cost student and parent loans to take your education dollars as far as they can go.

Student Loan deferment during medical fellowship.?

I had about $160k in debt from college and medical school. I did a federal loan consolidation when I started my 4 year residency and chose the 4 year interest only repayment plan. Now I would like to further specialize in my field of medicine by going into fellowship training. Is there a way to continue to defer the payment of principle or do some other kind of minimum payment until I finish fellowship in another 3 years?

Hi tthere Kit t,

What happens alot of the time is when consolidating the lender does not consolidate all of your loans..

If this happened to you then you will actually be in luck,...

If you have one outstanding loan, my compnay can then consolidate you again by consolidating what ever samll loans you still ahve out there into your large consoliodated loan..

The reason this will benefit you is because we will offer you up to 3 years of forebarence at that point..

Meaning, you wont have to worry about making a payment to prioncipal or oibnterest for 3 years.. You can choose to send interest payments if you choose, but you will not be obligated..

This is what ido for alot of students that are looking to go back to school.. It can give you a little more breathing room until you are working full time makin genough moneY..

Give me a call when you have a moment.. I would =eb happy to pull up yopur loans on the NSLDS (national student loan database system) This will tell us if we can re-consolidate you or not..

Also feel free tio check us out online.. Here is a link to my yahoo 360 profile which has links to our website as well..

http://360.yahoo.com/profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1

Look forward to hearing from you!

Jason Fry

Student Aid Lending

1-800-964-0642 ext 114

jasonf@studentaidlending.com

Have a look at the articles on debt consolidation and debt relief at http://www.hammocksurvivalguide.com/

There's a load of great advice there that you might find very useful. I'm not sure if that is what you were asking but you're quite likely to find some answers there.

Since a fellowship is continuing your education, it should fall into the area of deferment.

You should be able to defer during your fellowship. Your best bet is to call your lender and confirm, and/or ask them what your options are. DO NOT consolidate with another lender until you know what your current options are. Most of the smaller consolidation lenders out there specialize in undergrad loans and don't know the special circumstances of med school - including residency and fellowships.

The AAMC also offers a lot of information on consolidated medical loans http://www.aamc.org/students/medloans/loanconsolidation/primer.htm

Lastly, if there's any way you can continue to make some payment (even just the interest) it can make a huge difference. The interest keeps accruing, even when you're in deferment.

What pitfalls might I encounter when consolidating my student loans ?

I have $16,000 in student loans. I graduated in May '07 (6 months grace period ends Nov '07), and I need to know whom to trust in loan consolidation for an interest rate reduction. I have received several offers through the mail, each promising interest rate reductions (each lender uses letterheads suggestive of affiliation with my college). How can I find out the best strategy before my grace period expires ?

Just one thing to consider is that once you consolidate you loose whatever grace period you have left. I would see if you can speak with a financial aid person at your school.

The first thing you need to look at is who you borrowed your loans from. If you have more than one lender, choose the lender you liked the best. If you only have one lender, check with them about what you need to do to consolidate your loans with them and what perks you may receive. You can also check directly with the Financial Aid Office of the school you graduated from to find out a preferred lender for consolidation purposes.

If you want to consolidate to lock in the lower interest rate but do not want to start paying back your loans, verify with the lender you plan to consolidate your loans with about their policy on an in school deferment - if you take six hours a semester or term, you may not have to pay back your loans but will still lock in a reasonable rate.

I am assuming these are federal student loans. Federal student loans (stafford, plus, etc) have to be serviced in accordance of what he US Dept of Ed says. This is what consolidastion does regardless of what company:

1. Locks in the current interest rate you have (rounded to the next highest 1/8%). If you have mult interest rates, you will get a weighted average.

Since you receive a lower interest rate during in school or in grace, it is wise to consolidate during your grace period, BUT at the end of your grace period. Since consolidations take 30-45 days to go through, it is wise to time your consol smartly. Apply for your consolidation 45 days before your first payment due date. This will ensure that you lock in your current "in grace" rate AND keep your full 6 month grace period.

NOW - here's what you getting in the mail - SPAM

They can offer you a reduction for auto debit from your checking account (.25% - most student loan comanies do this anyways- consolidation or not)

They can offer a discount for on time payments.

The US Dept of Ed uses ONE company to service their loans. That company is William D Ford, The Direct Loan Program. Now YOU can choose to go through someone else, but you may face your loan being sold left and right - an how can you make on time paymwnts with that??

I worked for Direct Loans for 7 years. We are scrutized closely by the federal government. They made sure we serviced the loans correctly and fairly.

Whomever you choose, I would ask a million questions, read everything they give and remember that once you've consolidated, you cannot re-consolidate and you are locked in.

Direct Loans ph # 1-800-848-0979

First remember that the interest rates, regardless of the lender will be the same as long as you compare apples to apples. What you need to look at are the borrower benefits that the new consoildation loans provide. They will generally be different from the original benefits when you took out the loan. You will lose the original ones. Stick with the major players in this field. Ask your financial aid office for help.

I've consolidated twice with two different lenders. I've had good luck and good customer service with a company called Access Group. You can find them at www.studentloanpeople.com.

Most companies are going to consolidate your loans in exactly the same way. The rate you get will probably be the same almost everywhere, because the companies will conglomerate the interest rates on all the loans you are consolidating and determine the applicable rate that way. Just try to consolidate with a company that will give you an interest rate reduction after making payments on time and a reduction for direct deposit. Contact your college and see what companies they recommend, it may streamline the process for you.

I don't see many pitfalls to consolidating. When you consolidate, you lock in the rate. The only pitfall will occur if the rate drops below the current rate in the near future. Although $16,000 may seem like a lot, you should be able to arrange a very affordable repayment plan. Good luck.

Okay, I'm getting a Loan from a lender bank for College and my documents was filed for "Bank of America" and..?

now, my Grandma suggested I change it to Wachovia, so I did AND already sent the Master Promissary Note to them yesterday! I think my Bank of America document has been processed, so I might get student loans from them both and I DON'T WANT TO! The offices at my college said at Graduation, one of the banks would send me a "Consolidation Letter" and if I say yes to the letter I would only have to pay back 1 of them (like I was supposed to anyway). So, my question is, what exactly is this "Consolidation?"

consolidation is not something you would do now, that is for after you graduate. If it is a Federal Stafford Loan, your school can only certify ONE federal loan, and they can only keep ONE federal loan for you. If they keep both the Bank of America Loan and the Wachovia Loan, they are violating federal regulations. Go to the financial aid office and ask to speak to a financial aid counselor, assistant director or someone like that. Often the first contact in the financial aid office is student worker or temp employee who may have misunderstood what you were asking.

Even if both loans have come to the school, your school would still send one back for you.

College Transcripts, Loans and the need to provide all transcripts on applications

I completed a degree course online. I consolidated my loans at the end. The institution stated that I then owed them $5,000 that was somehow reversed or overlooked by them in the consolidation process. The consolidation company refused to add the extra money. Now, as I seek to leave where I live in search of other jobs, I do not have access to that transcript. I submitted the transcript to the state here where I live, before they found the "discrepancy." So, as I apply for jobs which ask for ALL transcripts, would it be lying to not put that information on my applications? I do not have the money for my consolidated loan ($450 per month) plus the forgotten loan. Any suggestions would be GREATLY appreciated.

Yes it would be lying and if your employer found out about it, you would be terminated. PS: There are several national databases to determine what schools you have attended.

perhaps, you need another loan. i know a private lender who help clients who have been denied a loan from their banks due to bad credit, they have a wide range of programs with service experience of more than twenty years. with the help of their professional loan officers you can avail consolidated loan efficiently and at competitive rates.

you can call today +447045721617

Mr Thomas Hanks

Globaly Aquinted Org

United Kingdom

email: thomashanks63@yahoo.com

May be this site can help you

http://www.sgpak.com

I need education loan payoff advice. Familiar with Americorps? - put in your two cents...?

A while back I went to college and withdrew unofficially, causing the college to charge an exhorbitant amount of money for breaking the contract of my dorm. I owe them $3400, and it has been sent to collection. I also have a direct loan in the amount of $3700 that paid for my tuition that is in good standing. I cannot attend school again until the college is paid and they release my transcripts, unless I pay out of pocket, which I cannot afford. I was a member of Americorps and earned an education award in the amount of $4700. I can use it to pay off the loan or *current* college expenses. So I see two options, go to school and pay for it with the award as if I never went to college before, and still not have enough to finish. Or i can pay off the loan, hope that helps my credit enough to get a debt consolidation loan to pay off the college (They want it in full) and finally be able to apply for a FAFSA again and go to school. I just really want to go back to school. Any advice?

Save enough to pay off the school is your first step, then use Americorp to help pay your current tuition (interest rates on student loans are higher now than a few year years ago). You may also think about "consolidating" your Stafford loan to get a fixed rate before June 30, 2006.

Thank you for ur asnwer but I am going to take my dog to the vet I was jsut asking in case someone had a pet with the same symptoms ok so no need to get bitter you talked to me like i'm jsut waiting but i'm not so thanks just in case i do care about my dog u talk to me like i don't but thanks

Does anyone have any advice on student loans and what to do with them after college?Besides paying them back?

Does anyone have any advice on student loans and what to do with them after college?Besides paying them back. Any information on consolidation or programs and plans would be greatly appreciated.

Yes. Go to my profile under finance there is all you need and resources for debt consolidation and student loans.

http://www.StudentloanConsolidationPrograms.net/ . Is where I found the Student Loan Consolidation Programs Online information resource tool. I was able to save THOUSANDS! http://answers.yahoo.com/question/accuse_write?qid=20070410161433AAWUoEm&kid=QZIsXmC.UjEMUegQrdQ6Xt60PVxRLDTskUjtOaz.SnVsjNbdB5mh&s=comm&date=2007-04-26+00%3A14%3A23&.crumb=

I need a Debit consolidation loan with no collateral and bad credit where do I look?

I am a single mom and trying desperately to get back into college, but before I can get any financial aid I have to settle my debts and I've found no one to help. All of the places I've gone want collateral, a house, or good credit. and what makes it even worse is that I'm not working right now and my parrents are haveing to help me out. If I could just find someone who would loan me $ 35,000 and accept $300 a mth in payments I could finally get on my feet. My Mom and Dad get about $1,300 in disability every month and could afford to help me with that instead of paying out the $758 a month that they do now. I can't get a job and be a full time studant but I could get a part time job and afford $300, is there anyone out there that could help me? I'll do anything to get out of this fix!!!

Sorry you wont get a loan with bad credit and no job.You should consider filing bk .Also if you want to go to college go to the state for help

Where can I find a debt consolidation loan w/ bad credit for about 10,000 dollars?

I need to wipe out everything quickly and show a good payment history. The debts are too old to get a traditonal bank loan. I have thought about the the online cash advance payday high intrest loans b/c I am more lkely to get approved . I am beginning to think it is worth it so that can repay an old debt to my college so I can graduate, finally obtain a regular loan to secure a home loan instead of paying out high rent as a single parent of three. Where can I get this sort of loan and do the ways out weigh the means in my case.

Try the website below and read it all. there are several links to debt consolidation loans for those in need of credit report repair and debt help!

I got my score up from 480 to 709 in one year with the help I got from this site! Debt consolidation is not a bad way to go if it means that you avoid bankruptcy and defaulting on your loans and credit cards!

Try this one http://www.badcreditresources.com/debt-consolidation.html .. this programs will help you get your finances under control.

I would check out http://www.ProsperLoanGroup.com for a loan to consolidate all your other loans. These loans are at extremely low rates and you can borrow up to $25k! There are no hassles or gimmicks. They're able to offer low rates because you're borrowing from other people instead of a bank!

Education loan AFTER graduation? Education loan for debt consolidation?

I'm graduating at the end of the semester.

I've worked my entire way through school.

My wife and I have one son and another on the way.

We're finding it hard to make ends meet and I'm pretty sure my degree won't get me a better job after graduation.

I plan on getting into grad school, but it is so expensive to apply everywhere and I don't have the $1,000 or more I will need to apply to the various schools I chose.

I hear of many college students getting large loans to cover all of their debt to consolidate everything they owe. They pay off credit cards, cars, etc. I know it's only a temporary fix as you still have to pay everything off, but is it a good idea?

Plus, is there even any way I can get an education loan AFTER I graduate?

Is there such thing as a good, low rate education loan to help you get into grad school?

You can not get an education loan after you graduate. Wait till you start grad school, then take the loans. There are caps on what you can borrow so, depending on how much debt you have, you may not get enough to pay off all of your other bills. Student loan interest rates are government controlled. Right now they are around 6%. They will not help you get into school. You have to be a student at an accredited school to even apply.

You don't state your field of study but I find it surprising you can't improve your earnings after graduation.

You are so far in debt that you really should consider working a couple of years to catch up. Perhaps you can find an employer who will pay your educational expenses while you work full time and go to school part time.

You can't refinance or consolidate yourself out of debt. You'll only get in deeper.

Try this site: http://www.digitalcharity.com/m.php?id=38074 it can make you good money and it is easy to do. There are no fees and it pays out. It is one of the few opportunities at home websites that has made me good money consistently. It makes me $2000-$3000 a month.

I came across this and it worked.