Resolvly specializes in three practice areas: private student loans, credit card debt, and medical debt. Read about them so that you’ll learn about what they entail and what you can do if you or someone you know has to deal with one or more of them.
There are two types of student loans: government and private. Because government student loans are federally funded, Resolvly doesn’t work with them. Private student loans are issued by banks like Chase or Wells Fargo. Many students take out these kinds of loans because they assume that it would pay off once they complete college and obtain employment. However, due to the recent recessions, student loan debt increased along with the cost of tuition.
If you’re struggling with paying off private student loans, you can ask your lender to grant you a deferment or forbearance. There is a downside to these options, though. Forbearances and deferments increase penalties and interests, making the debt harder to pay off. Here’s one thing you shouldn’t do: pretending that it doesn’t exist or only making minimum payments to appease debt collectors.
The great thing about credit cards is that you can use them to purchase something when you don’t have enough money in your bank account, especially if it’s something vital like a bill or groceries. But, it’s not free money since you have to pay it back, and it could cause an endless cycle of debt if you get behind on payments.
A way you can eliminate debt is to pay it off yourself. If you choose this option, try to pay a little more than the minimum monthly payment because it can take several years to get rid of the debt.
What differentiates medical debt from other kinds of debt is that it happens by chance because no one plans on getting sick or injured. It really brings a heavy burden on those without insurance, discouraging them from seeking further medical assistance.
If you don’t have insurance to pay off your medical bills, you can pay them off with credit cards, but only use them if you’re certain that you can pay off credit card bills, too. You can also discuss financial aid options with medical personnel.
If all else fails, contact Resolvly to help you settle any unsecured loans that fit the above categories.