If you have private student loan debt, chances are that you are normally strapped for cash. Throughout the year, this can lead to stress and a struggle to cover basic expenses such as rent, groceries, etc.
At this time of year, the added pressures of gift-giving, travel, and general merrymaking can really stretch your budget to its limits. Many of those burdened by student loans succumb to these pressures by pulling out their credit cards to get through the holidays. In fact, according to a survey by Student Loan Hero, as many as one-third of those with student loans are planning to use credit cards to skate through to the New Year.
Using credit cards to supplement a budget already suffering from student loan induced anemia only makes things worse. According the survey, 69% of those who put their holiday shopping bills on their credit cards will take four months or longer to pay off those purchases. The result is a pattern that repeats itself with exponentially devastating effect each year, casting a shadow over borrowers at a time generally reserved for spending time with family and friends.
If the vicious circle described above rings a bell, know that there are ways to combat your student loans and take back control of your life. At McCarthy Law, we are happy to speak with you about your private student loans and discuss what options may be available.
Kevin Fallon McCarthy
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