Spring Break
College expenses at Kent State can add up quickly. A microfridge, textbooks, tuition, nightlife, football tickets, car repairs, everyday grocery shopping and before you know it you are in a heap of credit card debt.
As students, making the minimum monthly credit card payments, along with car payments and off-campus monthly rent payments, you are left with little money for free spending or emergency monetary needs.
So you are frustrated and why shouldn't you be? The credit card companies want all of your money and all you want is to enjoy the best four (4) years of your life.
There is an alternative to all of this madness and it is known as "debt consolidation". This is the notion of combining all of your loans into a single loan, so you can focus on one loan containing lower monthly interest payments. Many students partake in debt consolidation to relieve the stress of having multiple companies coming after them for debt resolution.
There are many different ways to get involved in debt consolidation and they include; refinancing your mortgage, taking out personal loans and even closed end or open ended home equity loans (both of which are commonly referred to as second mortgages).
So where do you get started? With regards to mortgage refinancing, the U.S Department of Housing and Development (HUD) now offers the FHASecure loan program for those who are at risk of foreclosure and need to refinance their subprime mortgage. More information on FHASecure can be found by clicking here.
Additionally, if you are not comfortable seeking government assistance you can get debt consolidation help by using a private company, such as bills.com. Professionals at companies like this will take you through the procedure, step by step, to ensure that you are comfortable with the debt consolidation process.
As an alternative to mortgage refinancing, you can seek out personal loans by contacting friends, relatives or even calling private companies who are out there to help. The government can also provide many different types of personal loans, which are explained in more detail on govloans.gov.
Lastly, home equity loans are a good option as well, as they often provide a lower interest rate than credit cards due to the security of the loan. However, before taking out a home equity loan, please make sure you read and ask about the fees being charged, including appraisal fees, originator fees, title fees, stamp duties, arrangement fees, closing fees, early pay-off and more.
In the end, your best move is to do research to determine the best way to consolidate your debt into one single loan payment. Let's make these four (4) years the best years of your life and free you from the stress associated with debt repayment.