The student loan market is massive and keeps on getting bigger every year.Part of this is due to the rising costs of college tuition and part is due to the number of people attending college.Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.
Once scholarships and grants have been explored, many people turn to student loans.
Student loans can help provide the funding that you need to get to college and obtain the education that you require.
You can get your free annual credit report from each of the three major credit reporting agencies — Trans Union, Equifax and Experian.
And, Credit.com’s free credit report summary can help you understand what’s inside your credit report. There are several safe and smart ways to consolidate credit card debt, so you’ll want to research them before deciding what’s best for you.
Since the interest rate on a personal loan is often considerably lower than on a credit card, and the repayment term potentially much longer, the consolidated payment may be much lower, as you indicated.
If you are struggling to keep up with your monthly payments, consolidating your debt in this way can certainly help alleviate financial stress.
For instance, credit cards represent one type of credit usage, car loans make up another portion and mortgages round out the bunch.
The overall goal is to mix up your credit with different types of loans, so you can increase your credit history and subsequently your credit score.
The best way to consolidate credit card debt — and whether consolidation will work for you at all — depends on your situation, so you might want to consult a non-profit credit counselor about your best options.