Government approved credit consolidating programs

They also probably haven’t saved for all of the “unexpected events,” which will eventually become debt too.In other words, the good money habits for staying out of debt and building wealth aren’t there—their behavior hasn’t changed—so it’s extremely likely they will go right back into debt.

This may not sound that bad until you realize how much more you will actually pay in additional payments. Commit to getting on a written game plan and sticking to it.

Government debt consolidation loan programs usually provide the borrower with four plans, namely the standard plan, extended payment plan, graduated payment plan and income contingent repayment plan.

Each of these plans is meant to suit different types of borrowers, each with his or her own unique needs.

You will now pay ,080 to pay off the new loan versus ,392 for the original loans, even with the lower interest rate of 9%. Get an extra job to bring in more money, and start paying off the debt.

This means you paid ,688 more for the “lower payment.” Not such a good deal after all.