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Student Loan consolidation can be the best friend of any student who has just completed their course and graduated from their college or university. Most students who just come out of their college and universities find it very hard to maintain their monthly expenses as they have a bigger burden to repay their student loans taken out during their academic years and for those students who had relied on these loans heavily, consolidation can be an even better option.

Private loans normally have huge interest rates compared to that of federal loans and given the fact that a private loan repayment is hanging over your head when you are about to complete your graduation can be much more worrisome. Though a student can consolidate their private loan through a federal loan but that is somewhat impossible to get for the majority of students. However reducing the amount of monthly loan repayments can be a huge relief if the student acts accordingly to get the loan amount reduced or repayments period gets increased significantly by the lender company.

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Millions of Americans out there have paid off significant credit card debt. Now it’s your turn. In short, your get-out-of-debt goal is to assess, organize, attack, and then lather, rinse, repeat until those balances are down to $0.

Don’t worry; we’re with you every step of the way.

Here’s your six-step action plan for getting your debt under control. To help you, we’ve borrowed several worksheets from the Fool’s old personal finance service, TMF Green Light. As you’ll see, most of the steps have corresponding worksheets to guide you through the finish line. Take it at your own pace, and check off each step with a thick-line Sharpie when you’re done. (Trust us, it’s satisfying.)

1. Stop using your cards.
The last thing you want to do with credit card debt is add to it. Take all your credit cards out of your wallet or purse and leave them at home - safely out-of-reach behind a major appliance, or trapped in an ice block in your freezer. (You may want to keep one for emergencies. And no, a really great sandal sale or a cool new Bluetooth-enabled gadget does not qualify as an emergency.) Continue Reading →

Popularity: 36% [?]