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Debt management
I turned 30 this year and finally paid off my only credit card. I have a couple medical bills but my debt is my student loans. About $24,000 worth. I deferred after graduation and am still able to based on income. I got a new job and I’m afraid with my income now, I will have to start paying on them. It’s not that I don’t want to, but my income increased just enough to afford health insurance, where before I wasn’t covered (thus the medical bill debt).
Is debt consolidation a thing when it comes to student loans? I’m wondering since I took out both subsidized and unsubsidized loans each year, if combining them (or at least the ones with the high interest rate) with debt consolidation company for a lower interest rate is even possible?
I’m curious as to how people pay off student loans when they are stretched so thin anyway. I have a budget I stick to very strictly and I apply to multiple jobs daily, and like I said, I’ve been able to find a job with a little higher pay, but it’s still not enough. I don’t have a car payment, I don’t have a cell phone contract, I rent a room and just pay a flat rate for board and utilities. Even if I wanted to spend my money, I work too much to go do it.
I don’t know enough about debt/student loans to know the best option for me. I will say that I do put 5% of paycheck into 401K because my company matches up to 5% and I haven’t saved at all for my retirement yet. Should I stop allocating that 5%, or half maybe?, toward 401k and redirect that money to my loans? Seems like the only solution if debt consolidation with lower monthly payment is not an option.
Is debt consolidation a thing when it comes to student loans? I’m wondering since I took out both subsidized and unsubsidized loans each year, if combining them (or at least the ones with the high interest rate) with debt consolidation company for a lower interest rate is even possible?
I’m curious as to how people pay off student loans when they are stretched so thin anyway. I have a budget I stick to very strictly and I apply to multiple jobs daily, and like I said, I’ve been able to find a job with a little higher pay, but it’s still not enough. I don’t have a car payment, I don’t have a cell phone contract, I rent a room and just pay a flat rate for board and utilities. Even if I wanted to spend my money, I work too much to go do it.
I don’t know enough about debt/student loans to know the best option for me. I will say that I do put 5% of paycheck into 401K because my company matches up to 5% and I haven’t saved at all for my retirement yet. Should I stop allocating that 5%, or half maybe?, toward 401k and redirect that money to my loans? Seems like the only solution if debt consolidation with lower monthly payment is not an option.
April 4, 2019
12:43 AM