New York, NY (PRWEB) October 11, 2013
In the wake of Forbes’ September 30th article entitled "5 things You Need to Do with Your Student Loans Right Now," Finance Acceleration announced three tips for repaying loans responsibly and adequately. Though some families do not struggle with loan repayments, as the cost of education continues to rise and both credit card and personal debt continue to rise, numerous American families are struggling under the weight of debt and the cost of living, and often find the two in contention. In light of this problem, Finance Acceleration offered tips to readers to help eradicate debt as quickly as possible, ranging from student loans to personal loans.
Maggie McGrath composed a Forbes article aiming to assist recent graduates in handling their student loan debt. She encouraged graduates, first of all, to get organized in their repayment plans and all paperwork regarding loan repayment. This included determining how much graduates were capable of repaying each month, as well as whether alternative methods of repayment were applicable. She ended her article with an urging to avoid ignoring any problems with repayment, and avoid any solutions that seem too easy or convenient.
Following McGrath’s article, Finance Acceleration released their three tips to repaying loans in a timely and responsible manner. These tips were developed to help eliminate debt and improve quality of life.
1. Budget. The first step in determining how much can be paid each month, a family budget must be developed and the family must adhere to the limits set within the budget. Only then can a clear idea of what money is available to repay additional loan amounts be achieved.
2. Work with debtors. Though many individuals fear discussing repayment plans and options with their debtors, doing so may be beneficial. Contact loan holders to find out if interest rates can be lowered, or if any rewards exist for those who offer higher monthly payments. The worst the company can do is refuse to comply.
3. Finally, remain open to sacrifice. Paying off debts, whether mortgage loans or credit card debt, require sacrifice and may mean a significant perceived decrease in quality of life. However, eliminating loan debt will increase quality of life later on, and avoid hefty fees caused by high interest rates.
Maggie McGrath is a finance writer for Forbes. Her compositions are grounded in the financial market, offering news and personal finance advice for Forbes readers.
Following Maggie McGrath’s article regarding student loans and how to handle them, Finance Acceleration released three tips for repaying loans in both a timely and responsible manner. Though many individuals and families consider repaying the lowest amount per month to be responsible spending, this is rarely the case and makes debt extend later in life than it ought to. To avoid making this mistake, Finance Acceleration encouraged readers to budget, pay more than the minimum payment, and remain open to the idea of sacrificing now to reap greater rewards in the future. To learn more about money lending and how it can be managed, FinanceAcceleration.com recommends the resources found on CreditLoan.com.
About Finance Acceleration:
FinanceAcceleration.com is an online resource offering financial counsel to families, including effective money management.