What a busy weekend and week! I don’t have the time for a super long post, but I wanted to share some great links I stumbled upon regarding debt.
Both of the following posts are by Steve Rhode, the Get out of Debt Guy, who writes a blog for Huff Post.
This article offers some advice to a person with $80k in student loan debt, $48k of which are private. Steve has some great tips, including consolidation and income-based repayment for the federal loans. As far as the private loans, Steve provides a link to a credible website that specializes in helping people manage private loan debt. FYI, he often stresses in his blogs to avoid paying for private student loan help.
If you’re curious about bankruptcy options, you can find some valuable information in another one of the links Steve provides. I’ll be writing more about this later, but if you’re curious and are looking for some trustworthy info, I recommend his articles.
Similarly, this post discusses avoiding scams and getting the right help from the right people. Sometimes, professionals who are genuinely trying to help are misinformed or uneducated on student loan debt. Here, Steve provides links to help you get started if you are seeking professional help.
I want to draw attention to one of Steve’s paragraphs, in which he says, “Some might say I’m advocating just walking away from problem student loans. I’m not. What I am advocating is that legitimate help is already available for people who are buried in student loans, can’t make the payments, have loans sitting on deferment or forbearance and getting bigger, desperate for real help, or don’t have the ability to save for retirement. In a perfect world everyone would be able to repay their student loans without a problem. But then again we don’t live in a perfect world, do we?”
If you read Steve’s blog, you’ll notice he writes a bit about bankruptcy and it can be a tempting option. But like Steve said, he doesn’t advocate walking away from your debt, but he does want you to know that if your debt is crippling you may have other options that you haven’t explored.
You climb every mountain, Maria.
So, explore away. You’ll find me citing quite a bit from Steve, so I recommend following him for tips on getting out of debt.