Student loan advice for difficult timesDealing With Debt Collectors
My husband and I have debt that is three to five years old. The debt includes back taxes and student loans. I made a deal with the IRS for monthly payments. I just recently made a deal with one of the collection agencies a couple of days before the court date for the lawsuit. I have spoken with a couple of credit counseling agencies, and they cannot help with student loans and tell me my other debts are too old. The agencies also tell me not to worry about charge offs. I have tried to work with the collection agency holding my student loans. I offered them $50 a month. They refused the offer and told me that I have to pay $300 a month. The original amount due was $8,000, but the interest has brought it to $11,500. I refinanced the student loan four years ago. I cannot afford to pay everyone at once. However, I would like to make an effort. I don't want to wait around for another company to file a lawsuit. Any advice you can give me would be greatly appreciated.
Track Your Spending
I started out with $116,000 in law school student loan debt. I have payments of $690 a month. Although I am a lawyer, I do not make much money working for the government. The money software Quicken saved my life. I kept all my receipts for several months and then inserted everything into Quicken, which told me where I was spending all my money. Through Quicken, I was able to come up with a budget and figure out which areas in my life I could spend less money or do without. I have always made my payments on time and am saving 20% of my income. I also strongly believe in saving all your change. As a single person I saved $130 in change in one year, which I then used toward groceries. Think of what you could save in change with your husband.
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