New York, NY (PRWEB) December 21, 2013
National Debt Relief, the leading debt settlement company in the country, published an article on December 15 that targets student loan borrowers. The article is titled “How To Mess Up Your Student Loan Debts In 5 Easy Steps” and it aims to keep borrowers from making their debts a lot worse.
The article begins by citing the average student debt of $30,000 per borrower. It is a lot because of three factors. These student loans are very easy to get and society gives so much emphasis on getting a college degree. The last reason is that college expenses get to be a lot more expensive as the years go by.
National Debt Relief thinks that too many people are burdened with student loan debt and they published this article in hopes that no one will make it worse because of ignorance. Given that, they cited these 5 mistakes that can mess up their existing loan.
1. Lose track of the debts owed. In most cases, student loan debts are from different lenders. One pitfall is losing track of everything and to whom the debt is owed. The article advises that borrowers should list all of their debts to keep themselves from forgetting important details about their loans.
2. Not choosing a repayment plan. There are many repayment plans that will make the payment progress a lot easier and more organized. The options will allow the borrowers to choose the length of the payment plan and how much they will contribute every month.
3. Being reckless with other credit accounts. The article also notes how spontaneous users can get with the idea of credit and purchasing. There is wisdom in keeping tabs of all charges on credit so it will not be an additional problem on top of the student loan.
4. Ignoring the notice of late payment. The article warns borrowers against being late on student loan payments. They should be very careful because the consequences are quite severe compared to other type of debts - for instance, the effect on their credit report.
5. Defaulting on loan payments. The last is defaulting on student loan payments. The article explains that defaulting on a student loan means the borrower did not follow the repayment plan on the promissory note that they signed.
National Debt Relief warns borrowers that lenders can impose high interest fees on the debt - including the unpaid interest amount. To read the whole article, click on this link: http://www.nationaldebtrelief.com/mess-student-loan-debts-5-easy-steps/.
National Debt Relief offers hundreds of articles on their website about debt, debt relief and personal finance. Visit their website to know more about getting out of debt.