In most cases, your federal student loan lenders want to help you make your payments. They are obligated to qualify you for different programs that look at your income for a payment amount. The problem is not that many people fail at managing their debt; but, many people bury their heads in the sand and assume their problems will just go away. Dealing with your debt may feel impossible, but help is available.
There are ways to decrease your overall expenses by doing things like reducing your cable bill, going with a cheaper cell phone plan, and even decreasing your mortgage payments. You can also contact your credit card companies to reduce your interest rates so that you can get lower monthly payments on those bills as well.
You need to make sure that you’re calculating appropriately for the future. Sometimes we take out too much debt, assuming that we’re going to make the money to pay it back.
Here’s an example of a proper budgeting worksheet:
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Learn to Take Back Control of Your Debt!