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Loan
Payment Decisions
What should
I do if I can pay off my monthly household expenses, but am having
trouble paying off my loans?
- Pay off the
loan with the highest interest rate first to save on interest
payments.
- Talk to
your creditor. Your creditor may be willing to reduce your payments
or change the terms to accommodate your situation. Some creditors
might offer extensions, smaller payments over a longer period
of time. Some creditors might accept partial payments.
- Get a debt
consolidation loan. Be cautious of this option. If loan fees and
interest rates are too high, it may not be the best option for
you.
- Get professional
advice. Reputable credit counselors can help you deal with your
financial problems. Some organizations charge little or nothing
for their services.
- Be cautious
of companies that promise to fix your credit problems right away.
Credit repair can be a long process that might take several years.
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