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Or you got a loan with tax-deductible interest, like your student loan (provided you have utilized that ONLY for tuition, books, and rent). Bad: You signed on for a high-interest personalloan to cover that vacation last year. Or you’re still working to pay off your variable-interest auto loan from seven years ago.
Credit counseling agencies offer free or low-cost debt relief services to consumers who are struggling to manage their finances. A creditcounselor may help you by: Analyzing your income, expenses and outstanding debts to create a budget. BANKRUPTCY FILINGS CONTINUE TO DECLINE DESPITE SKYROCKETING CREDIT BALANCES.
Some examples of debt are mortgages, credit card dues, and personalloans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. This event will be noted on your credit report and may remain there for up to seven years. It may lead to bankruptcy.
When you can’t control your debt spiral on your own, you should contact credit counseling agencies first. They help cash-strapped credit cardholders to eradicate debts and establish a stable financial life. Credit counseling agencies offer this plan in exchange for a fee. Creditcounselors are working in the debt industry.
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