Tag Archives: companies
Student Loan Consolidation
Student debt consolidation is the process of consolidating several types of loans into one debt. This results in reduced monthly payments- which results in a lot of saved money in the long run. Consolidation loans will have fixed rates- giving you an added benefit on saving to recover your debt.
Such services can be obtained by American Education Services consolidation- or AES for short. You can save up to 50% on your bill with this service- a very good value indeed. ACS consolidation is also available- and is much like AES in terms of how it works. Federal consolidation and Network consolidation also work in nearly the same way- giving you many choices. Not only can you save a good deal of money on your bill- but you get the added benefit of having just one bill a month- not several. This can reduce stress and let you route your energy to other problems, instead of worrying about which bills you should pay.
You can generally choose debts that will last 10- 30 years generally. You may get lower payments, but the total amount to be paid will be higher in the long run. It has been debated as to whether the government should allow such consolidation among the Federal consolidation service only. This would put some banks and companies at a loss, such as the AES consolidation or ACS consolidation, but may be better for students in the long run. Federal consolidation has a very good rate- and is often better than banks or other companies can do. You will also not encounter hidden fees or tricks- making Federal consolidation an easy choice. This isnt always the best way to go- as some companies actually do have lower rates. But make sure you get a second opinion before you decide on anything for certain.
With such consolidation, you can lower you monthly payments. However, you will want to debate the decision, as you will end up with 10- 30 years worth of debt to be paid. The consolidated debt into one bill can be less stressful, but often this is a small benefit when considering long term effects. You may wish to pay separate bills and have the freedom of paying off your student debts as fast as you can- certainly much faster than 10-30 years worth of debt.
If you are looking into student loan consolidation- make sure you look at your options first. Rushing into student loan consolidation can put you into a huge debt that will take you many years to recover from. If you are on the verge of bankruptcy, or desperately need the money, consolidation is the best choice for you- but keep in mind you will be paying your decision off for many years to come. If you are looking to simplify paying your bills, this is probably a bad choice- and this decision shouldnt be taken lightly. You should talk to a consolidation broker, or ask help with your bank for more information to see if this is right for you.
Filing for bankruptcy can be the first step to restoring your credit
So, a Fresno bankruptcy can actually start you on the way to good credit? This is a critical question to ask your Fresno Bankruptcy Attorney. First of all, you need to understand that the old adage: “the bigger they are – the harder they fall.” Comes into play here.
If your credit is in the 700’s or higher. It is true that your credit is going to take a significant drop after filing for bankruptcy. However, most people that file bankruptcy have been struggling to keep up their payments for a long time. So their credit is already in the 500’s or so.
The way credit companies rate your credit has to do with the high balances you carry on your credit cards and how many slow pays that show up on your credit report. Once you file for bankruptcy, the balances are wiped to zero and the credit companies can no longer report any late payments.
So your credit slate has been wiped clean. Typically a person will see a big drop in their credit for a short time, but as you start to make smart financial decisions your credit will begin to grow. Your late payments no longer appear and you don’t show high balances.
People often receive an offer for a credit card within 6 to 9 months of filing for bankruptcy. Of course the rates are very high. If you choose to to accept a credit card, be careful! Only use the credit card for gas and incidentals and pay it off every month.
After a year or so, you’ll be able to purchase a car on credit. But don’t run out and purchase the car of your dreams. Look at that car as a credit tool. Buy a car that represents very affordable monthly payments that you can pay off in three years. Remember, this car is not your dream car. It’s a car to get you back into the American Dream. It will help you re-establish credit.
In conclusion, people often ask if bankruptcy will ruin their credit. The true fact is, most people already have bad credit and the quickest way to start a new credit life is through a thoughtful bankruptcy.
Obviously, each person needs to make the decision to declare bankruptcy with caution and with sound legal advise. We suggest you contact a Bankruptcy Attorney in Fresno to explore all of your options.
You can contact the Winter Law Group at