I am on a debt-free journey and student loans make up the bulk of my borrowings, therefore, I am interested in creating an open community-based forum that discusses ways of coming up out of debt. Inspire someone to tackle the burden by sharing your debt-free success story. Query ideas for budgeting, savings, and borrowing so that we all might learn from unique perspectives of approaching debt.
I've known people that used the David Ramsey program to good effect.
For myself, I have a small mortgage, a car loan (carefully set up with a large down payment and a zero interest loan so that I can never go upside down) and a credit card. The cc is used for most purchases and paid in full each month - I get 1.5% back on every purchase which is the only reason I have it. Care is taken to determine whether any given purchase is a "need" or "want"; if a "want" it isn't bought until the cash is available, and "needs" are budgeted first (food, utilities, mortgage, etc.)
Here is one simple tip: If you are overweight, you spend too much on food. In the long run, you also are likely to have higher health care expenses related to obesity.
Look up your body mass index online (BMI). It will give you an ideal weight target.
start with an emergency fund: I saved a lot monthly as listed in this Hub..then use the savings to pound down your debt. https://hubpages.com/money/How-to-reduc … hly-budget
Invalidating your student loans, has anyone had any success with this?
I got a call from a student loan debt relief organization and I am giving their suggestion some consideration but it all sounds a bit scam-like. Here is what they said: Have you been paying on your loans and not seeing a reduction? To which I replied yes for six years and no decline. The agent explained that Sallie Mae the company I borrowed from was designated as a predatory lender and therefore my debt can be invalidated however over the next four years instead of paying Sallie Mae/Navient I would pay his agency which they would then escrow the funds and settle the debt after four years for a fraction of the lifetime cost.
So has anyone had similar calls and is this at all possible?
You're right - sounds like a scam. If you haven't seen the principle go down, it's because you aren't paying any - student loans allow that in the early years in order to keep payments low.
But there is a massive question as to whether Sallie Mae would allow you to settle your debt that way. I doubt it will take for years of non-payment before they come after you (more likely a few months) and there is no way to force them to settle for less than they gave you in loans. Sounds the same as the companies "guaranteeing" to lower your credit card bills; they will tell you that credit card companies will always settle for less than what is owed if you will just use the services of this company. It isn't true.
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