Posted on May 29, 2009 at 6:53 am for someone who is struggling with credit cards and student loans. can someone give me the best debt advice for this issues?

Posted on May 29, 2009 at 7:07 am You should contact your student loan lender and let them know you are having trouble making your monthly payments to see if they can readjust the repayment terms. These debts are federally secured so the balance is non-negotiable. For your credit cards, that depends. How much do you owe? Are you current on your payments?

Posted on May 29, 2009 at 12:08 pm If you are pretty far behind on payments, you may want to consider settling your debts. If you are current, have a low debt amount, but really need those interest rates lowered, credit counseling may be a better fit. As visitor mentioned, it is really tough to alter the amount you owe on student loan debts because those debts are in fact federally secured.

Posted on May 29, 2009 at 2:46 pm Sam makes some good points. Ultimately, you should ask yourself the following questions in regards to your credit card debt:   1) How much is it that I owe? 2) How much am I able to pay per month? 3) What are the interest rates on my accounts? 4) What percentage of my monthly payment is going towards the principle amount of debt, and what is going towards the interest? 5) Am I able to keep my monthly payments up? 6) Do I have any assets I could sell to pay off my debt, or do I have any family members that could possibly help me?   If you are comfortable, feel free to let us know the answers to the questions I listed and we can give some pointers. I'm sorry to hear about the student loan issues, those are always tough.

Posted on June 15, 2009 at 2:55 pm Also, The Visitor is not accurate with his or her statement. Not all student loans are federally secured. Some student loans are issued by private lenders, and these debts may be negotiable. I would be willing to guess that private student loans would be a lot easier to settle if the account is in collections but I am not 100% positive.

Posted on July 3, 2009 at 3:00 am is it a good idea for me to file for bankruptcy? or should i wait it out and look for other options?

Posted on July 3, 2009 at 3:19 am Well, bankruptcy can help get rid of your debts, but not all of your debts can be discharged--like if you owe child support, alimony, or have student loans, you are still obliged to pay for these. It will also take some time before all the "discharge-able" debts will be cleared.Another disadvantage of bankruptcy is its effects on your credit report. Chapter 7 bankruptcy stays on your credit report for ten years, while Chapter 13 will last for seven years on your file A bankruptcy notation also remains on your public records for 20 years.

Posted on July 3, 2009 at 10:53 pm The best debt advice would be coming from a debt expert...which would not be us who are posting here, although we may be able to help you a little. If you really want the best debt advice for YOUR financial situation, fill out a form and speak with a debt consultant for free. And I guess if you're asking if it's possible to favor one debt over the other just to manage the payments, the answer is yes. Now the question becomes which debt should be prioritized student loan or credit card?

Posted on July 3, 2009 at 10:55 pm My vote is goes to the credit card debts..you'll pay off debt faster if you prioritize the ones with the highest interest rates.

Posted on July 3, 2009 at 10:58 pm You may also allot or apply any lump sum money that you are going to receive (such as tax rebates, bonuses, birthday gifts, etc.) toward your debt.