Chloe Meltzer | October 19, 2022
Summary: Are you considering debt consolidation? Thinking that Campus Debt Solutions might be your best option? Read this review before you ask Campus Debt Solutions to take over your debts.
Known to be a scam, Campus Debt Solutions is a student loan debt consolidation agency. They are a legitimate company but do not have the best reviews. Campus debt solutions will purchase debt from lenders, and help to set up student payment plans.
If you were working with Campus Debt Solutions, due to violations of the Telephone Consumer Protection Act, according to the TCPA, there is a chance to be a part of a settlement. Any consumers who received automated or prerecorded calls from Campus Debt Solutions may be eligible. These acts must have occurred on or before October 16, 2013. The settlement is worth a $1.1 million settlement.
Here is one review for Campus Debt Solutions:
“This company is a scam! They charge you to consolidate your loans when it can be done for free on your own They lied about several issues including deferring my loans which led to late payments was given incorrect information about a loan forgiveness program which would have had me paying more money, in the end, I called several times when I began having issues and I was repeatedly told I would be called back. This did not happen. Please do not use this company.” Revdex
Debt consolidation is a method of taking all of your different debts and putting them into one payment. In the case of student loan consolidation, it will merge all of your existing loans into one, with one APR. Most often you will hope to find a consolidation loan that has a lower interest rate than your old loans.
When consolidating, typically your debt will be paid off with a debt management plan or a consolidation loan. Rather than try to pay multiple bills and remember different deadlines, it allows you to pay off bills that have run up and pay from one source.
There are a few different types of debt consolidation, but one of the main requirements is that you can make monthly payments. This is necessary because if you do not make those payments, you will be right back in the same place of debt again. Essentially, this means you need to be able to prove that you have a steady stream of income.
Another thing to look at if you are looking at a debt consolidation loan is your credit score. To get help with debt consolidation, you should have a somewhat good credit score. Anything above 740 is considered incredible, but if you have a score between 740-670, you should not be worried either. If you have a score that is below 670, you can most likely still get a debt consolidation loan, but the interest rate will get higher, the lower your score is.
Another option for debt consolidation is debt management. If you choose this option then you will not have to worry about your credit score. Therefore, if you have a low credit score, this may be your only option. We will get more into debt consolidation options below.
Here are some of the benefits of debt consolidation:
Refinance with a balance transfer credit card. There are some credit cards that you can obtain offering a specific period where you are not required to pay interest. This is also known as a period of 0% APR. Using a balance transfer means that you will transfer your credit card or debt balance to that new card. This does not usually require you to have an extremely high credit score, and it can be helpful. The only downside is that you will need to pay off the balance before the APR period is over.
Consolidate with a personal loan. If you have somewhat good credit then you may be able to obtain a new loan, with a lower interest rate. This is true debt consolidation and will allow you to reduce your payments into one, hopefully with fewer fees.
Use your home equity. If you own a home, then you can draw a loan from any equity that you have in your home. This can be dangerous and should be a last resort, as it puts your home at risk to be taken if you default on the loan.
Consider borrowing from your 401(k) savings. For those who have a 401(k) account set up with their employer, there is an option to borrow from your savings. These loans typically have lower interest rates than unsecured loans and do not impact your credit score. The downside is you are putting your retirement at risk, and there are usually very large penalties and fees if you can't repay. Additionally, if you lose your job or end up leaving, you will have to pay the loan back quickly.
Obtain a debt management plan. Debt management plans do not hurt your credit score and provide you the opportunity to pay on fixed monthly payments. In many cases, it will allow you to greatly reduce your interest rate. Downsides include high start-up fees and monthly fees as well. In addition, this is usually a slow process that will take anywhere from three to five years to repay your debt.
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