If not to help with student loans directly, debt consolidation loans can help keep the payments of other credit accounts low. This will allow the debtor to keep up with the student debt payments and thus eliminate the danger of defaulting.
Philadelphia, PA (PRWEB) April 26, 2013
In March of this year, Fox Business reported that although the new graduates of this country represent the majority of those burdened with student debt, it is the baby boomers that are the cause for concern when it comes to this debt problem.
The article entitled, “Facing Student Loan Debt and Retirement” talks about how the debt level of those aged 50 to 59 have tripled since 2005 to $23,183. For those 60 and up, the level grew 5 times to $19.225. This constitutes to 17% of the overall student loan. These statistics were taken from the Federal Reserve Bank of New York.
The article believes that it poses very serious problems for the seniors because they are nearing the age of retirement. Their option is to give up early retirement just to have the funds to pay off the debt.
Another issue that the article points out is that student loans are very difficult to get out of. The article states that bankruptcy cannot discharge it. Not only that, it endangers the debtors retirement money and the Social Security benefits. These, like wages, can be garnished and this worries those who are about to retire.
Credit Card Consolidation Loans, agrees with the sentiments of the article in their belief that this can pose a very serious problem with regards to the retirement of the baby boomers (who are those within the ages mentioned above).
The article states that there are choices to get out of this problem and these include government programs that had been put into place. But there is a debt relief option that the article believes can help. In fact, the article advises that “borrowers who own homes may be able to combine their student loans with their mortgage.” Stating the main premise behind debt consolidation loans, this will effectively lower the interest rates and could lower the monthly contributions as well. That should make it easier for the debtor to keep up with payments.
Credit Card Consolidation Loan promotes the same debt relief option for the baby boomers trying to salvage what is left of their retirement money. If not to help with student loans directly, debt consolidation loans can help keep the payments of other credit accounts low. This will allow the debtor to keep up with the student debt payments and thus eliminate the danger of defaulting.
As mentioned in the CreditCardConsolidationLoan.org website, debt consolidation loans give the following benefits:
1. A lower rate credit card consolidation loan allows payment of total loan amount.
2. Combining multiple high rate credit cards into a lower rate loan could mean paying less overall interest as the balance is repaid.
3. Credit card consolidation loans allow debtors to pay off the debt a lot sooner.
4. Allows less payment each month as it is consolidated.
To know more about debt consolidation loans and how to avail of the service, visit CreditCardConsolidationLoan.org.