If you feel that you need some good news to perk you up because of all your debt woes, here are some incoming measures that you will be able to use to minimize your debt.
Student loans
Come July 1, 2010, students who qualify for federal loans will now be able to borrow directly from the government through school aid offices. Advantages include a lower interest rate for PLUS loans, capped at around 7%, and less paperwork to do. By 2014, more flexible payment options will be available.
Mortgage short sale
New banking rules now stipulate that banks should provide people who do not qualify for loan modification with pre-approved options for short sales. Since a short sale is about houses being sold for less than what the homeowners owe, the process can be sped up, since both bank and homeowner will know what figures they will start negotiations with.
Credit card debt relief
New Federal rules that will kick in on August 22, 2010 will remove some credit card fees, including those for inactivity. The same goes for inactivity concerning gift cards. That way, you can actually stop using your credit card until you can recover, and reserve those gift checks for times when you might really need them.
Sign up on the box at the right for more options for debt relief and modification.
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