Student debtors: Don't get burned by false promises of help
On behalf of The Rollins Law Firm posted in Debt Relief on Wednesday, July 23, 2014.
If you're a Mississippi resident working on paying back student loans you have incurred over the years, you know you're not alone.
In fact, taking on debt to pay for schooling is altogether commonplace across the country. Indeed, and for most people, the only way to pursue a college degree or participate in a professional training program is to borrow the money to do so.
Unfortunately, the flip side of that for high numbers of persons across the country is the great difficulty that attaches to making regular payments on that debt following graduation.
Here's a flatly jaw-dropping number: Reportedly, Americans owe about $1.2 trillion on outstanding educational loans, with many consumers having exactions that total scores of thousands of dollars.
That can be prohibitively difficult to timely and regularly deal with, as evidenced by data from the Consumer Financial Protection Bureau estimating that many millions of people have defaulted on approximately $100 billion in student loan payback duties.
It probably surprises few people to learn that the debt-settlement industry is aggressively responding to that reality by aggressively marketing promises of help.
Regulators say that such promises are often illusory and that those who act upon them frequently end up in even worse financial straits.
Although debt relief is a subject that can be candidly discussed and in which reasonable strategies can be employed to purposefully deal with difficulties, debt-settlement companies are often not the catalysts that drive real solutions.
A proven bankruptcy and debt-relief attorney can offer a client confidential and fact-based information, as well as strong legal representation, in any debt-related matter.
Source: The New York Times, “Companies that offer help with student loans are often predatory, officials say,” Rachel Abrams and Jessica Silver-Greenberg, July 13, 2014