It was relatively easy to get yourself in debt. Whether by poor choices or circumstances beyond ones control, understand that you are not alone. There are debt programs and solutions available to those who find themselves struggling to make ends meet.
Student loans seemed like a good idea at the time. Nearly every job requires a college degree of some sort, and grants were just not covering all of the costs of a higher education. These loans, if federally funded can now be repaid on a payment schedule based on household income and family size. This is excellent news for many who are finding their wages attached.
Home loan modifications lower monthly mortgage payments, by modifying the existing loan in full or part. Terms of the loan may be extended or interest rates may be lowered. There are eligibility requirements, such as the homeowner occupying the house. Speak to your lender regarding a modification, especially if you are already in default.
Credit card companies are now being limited to the amount of interest and other hidden fees they can legally charge. If you are already in default, there are programs that will help you negotiate with your credit card company for lower payments and/or reduced payoff amounts. It is in your best interest to check out these companies with the Better Business Bureau and/or the Federal Trade Commission to make sure they are legitimate before giving them personal information.
Take time to educate yourself on available legal programs. Qualifying is easy, and applying only takes a few short moments of your time!
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