How can you escape from debt
Hi All,
I have been under major threat from my creditors, as I fall behind my bills which got due for couple of months. How can I get rid of the debt?
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you can pay it off or file for bankruptcy. What is your income, what do you have debt on, and what is the interest rate on each, for example:
Income: $120,000/year Car loan: $20,000 8% interest rate fixed Credit card: $30,000 20% interest rate fixed mortgage: $330,000 variable
Well It's an education loan. Credit loan:$25,000 12% intrest Income: currently working as a part time job.
Student loans are the most difficult to get rid of through bankruptcy. Banks love to issue them because they are difficult to get rid of. I would speak with a financial adviser. Financial advice from forums is not the best source. That being said, your interest rate is too high. You should look to consolidate the loan/refinance it with a lower interest rate loan as long as the fee associated with the refinance is not significant. A financial adviser, especially one with a CFA or CPA will be qualified to help. Then, get the new loan with the lower interest rate, pay off the old loan with the proceeds of the new loan (make sure there are no prepayment penalties on your current loan), then go crazy saving and paying off your new loan. The new loan will be easier to pay off because of the lower interest rate. Dave Ramsey is a good resource.
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