Huntington Beach, CA (PRWEB) February 22, 2013
On 02/21/2013, the Consumer Financial Protection Bureau (CFPB) announced that it is gathering information to develop options for policymakers to make repayment of private student loans more manageable for struggling borrowers. The CFPB has found that private student loan borrowers who wish to pay their loans, but face high payments, lack alternative repayment and refinance options.
Student Loan Lawyer, Christine A. Wilton has seen virtually no options for private student loan borrowers and extremely aggressive collection tactics employed by these creditors. "Many student loan borrowers are in very difficult financial situations and there is no way out," says Christine A. Wilton. "The actions taken by the new bureau are the first step toward finding a solution to this growing problem."
Attorney Wilton supports the Bureau's first steps in looking for ways that private student loan borrowers can have more flexible repayment options and is seeking input on a variety of issues related to repayment affordability, including:
(1) How student loan burdens might impact the broader economy and hinder access to mortgage credit and automobile loans;
(2) How distressed borrowers manage their student loan obligations;
(3) What options currently exist for borrowers to lower their monthly payments on private student loans;
(4) Examples of successful alternate payment programs in other markets and which features could apply to this market; and
(5)The most effective mechanisms for communicating with distressed borrowers.
"This is a very hot topic and the firm will continue to monitor the bureaus' progressive to help future clients obtain affordable repayment options for their private student loans," says Christine A. Wilton. "Refinance, consolidation and modification of private student loans is necessary for our economic recovery."
About Law Offices of Christine A. Wilton
Consumer protection and bankruptcy lawyers of Law Offices of Christine A. Wilton represent families facing financial difficulties, burdened by debts including taxes, student loans, credit cards, medical bills, law suits, fallen behind on home mortgage payments, or facing auto loans they can no longer afford. The firm has helped clients eliminate student loan debt and helped reduce principal mortgages through the bankruptcy process. The law firm is passionate about helping clients achieve financial freedom from their debts and fights oppressive debt collectors.
For more information please call 877-631-2220 or visit their website http://www.attorneychristine.com/ for a free consultation.