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    Goodbye Constitution Freedom America by Don Jans

    Getting Debt Under Control for the Next Phase of Your Life

    By Justin Weinger

    The beauty of a lifespan is that there are multiple phases, and responsibilities and priorities fluctuate with each stage. The blemish of this fact, however, is that yesterday’s choices impact tomorrows reality, and it can be consequential long term to be reckless with your finances even in the most carefree years of your life. We are all human and odds are almost nobody has correctly made every choice regarding their finances, so if you fall into that category then rebounding from those slip ups is going to help to get you back on track with your goals and make you feel less hopeless and regretful.

    Find the Best Loans for You

    Although you cannot go back and change the amount you have borrowed, you have options regarding how to pay it all back.  Student loans are quite common and flexible when determining a payback plan, compared to some other types of debt that are more black and white. At some point you will probably need to refinance student loans in order to save money. Exploring this at an established phase of life lends itself to customizing your new loan as well. As your finances grow, and ideally your income as well, more of your overall budget can be allocated towards debt reduction, the amount you will save on interest alone by exploring your options for restructuring your student loans can be significant.

    Ask Plenty of Questions

    It does not matter which lender provided you your initial loan, if you are not already accessing a client happiness team, you should start. These are trained professionals put in place to support you as you begin to think about a smarter way to pay back your debt. The best part about involving a professional is that not only is this free of cost to you, they have a knowledge base that expands beyond yours, and can help you consider things that you may not have even thought about. Ask every single question that pops into your head and be open to unique solutions tailored to your needs. Even something as simple as removing a loan cosigner can be a benefit to you, but you will not ever know if you are too shy to ask.

    Consolidate the Different Types of Debt

    You may have acquired debt from other areas, not just student loans, credit cards being the most common. If you are currently writing multiple checks each month to pay off multiple loans, you could be costing yourself cash and not even realize it. Combining many loans into one payment creates ease in not only how you pay back borrowed money, but also how much. Interest rates are not all created equal and examining the rates specific to your loans and other debts will give you an idea of which ones are costing you more money that is not going towards principle. Consolidation gives you one interest rate, for a lumped sum of debt, potentially freeing up money each month, as well as saving you more long term.

    Justin is a married father of 3, with over 15 years of corporate finance experience in various industries. He is an avid personal finance enthusiast, blogger, and chaser of passive income streams. 


    The views and opinions expressed in this commentary are those of the author and do not necessarily reflect the official position of Citizens Journal.

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