I need some advice consolidating or reducing my debt

Hi SOAPLADY, I have taken out several student loans from Sallie Mae in order to graduate from College. I have about 50,000 in student loans, and also 10,000 in credit card bills that I have accumulated through out the years. I was lucky enough to find a job right out of college, but it is not paying me enough to pay off all of my bills and have left overs for living expenses. My credit has really gone down since I have struggled to make payments on time. My parents co-signed for me on my student loans so when I cannot make a payment on time, they call and harrass my parents for money. On top of that, I have a 12% interest rate on my student loans. I am paying almost $350 a month just in interest. At the rate I am going it will take me over 14 years to pay everything off. I\'m already stuggling as it is and cannot afford housing. I am trying to find a way to consolidate everything to make one monthly payment without the high interest rates. I am a faithfull bill payer and am looking for a way to pay my debts off quickly. Any advice?

2 Answers

Always remember, that if you wish to negotiate on your own, you'll need to show them through your current financial obligations. A true picture will probably help them figure out your actual financial strength right now. Then only, they'd be able to offer fresh repayment terms that suit your budget.

On the other hand, you'll need to share the same truth in case you choose to go for a free counseling session with a debt consolidation service.

You can contact with your creditors and lenders and negotiate with them. You may try to consolidate the debts with them on your own. If it is not possible for you to negotiate yourself, then you may get help from a reliable debt consolidation company to repay your credit card bills. This company then negotiates with your creditors on your behalf. If you want to payoff your student loan debt, i think the following link may help you in this regard:

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