Debt Consolidation
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Debt Consolidation
| Mon, 03-20-2006 - 7:13pm |
Hi everyone, I'm new to this board and was wondering if anyone had any advice. I was just researching debt consolidation services and all I got was a headache, there are so many! I was wondering if anyone knew if there is a way I could consolidate my credit card debt as well as student loans.
I have been out of work for about 2 years due to circumstances beyond my control, now that I am working again I would like to start getting myself out from under this huge debt. I owe about 4,500 in credit cards, and about 35,000 in student loans which are all obviously in default. Two of the credit cards have judgements against me. I really have no idea where to start. Any advice, input would be greatly appreciated. Thanks, Sugar
I have been out of work for about 2 years due to circumstances beyond my control, now that I am working again I would like to start getting myself out from under this huge debt. I owe about 4,500 in credit cards, and about 35,000 in student loans which are all obviously in default. Two of the credit cards have judgements against me. I really have no idea where to start. Any advice, input would be greatly appreciated. Thanks, Sugar

I worked in student loans about 10 years ago. I encourage you to call the guarantor and see what they are able to offer you in the way of student loan consolidations/forbearance/etc. I don't have recent enough info to give you specifics but they should be able to work with you to get it out of default. When I was doing it, it seems like several months of consecutive payments got you on the road and then they'd work with you to consoldiate or resell it back to a servicer. I would recommend NOT combining the student loan debt with the credit card debt. You would have different repayment options/deferment/forbearance options AND student loan interest is tax deductible so you wouldn't want any other kind of loan that would take that away.
I don't know much about the cards with the judgements on them. There are others on the board with more experience around that.
Peg
Hello Sugar and welcome to the DSG.
All my best,
Danni