Today’s episode is about taking control of your debt. Having a lot of debt can feel crippling at times, but there are a ton of resources out there to help regain control of your life’s finances. We talk with Leslie H. Tayne, Esq this week. Leslie is an attorney, debt therapist, and author of Life and Debt: A Fresh Approach to Achieving Financial Wellness. She has nearly 20 years’ experience in the practice of consumer and business financial debt-related services and is highly accomplished in negotiation and settlements with experience having gone up against large national banks, credit unions, collection agencies, and multiple creditor legal representatives.
- Before trying to refinance your student loans, you need to determine whether you have Private Loans or Federal Loans. Federal Loans provide many more repayment options.
- Refinance fees should be made very clear in a loan disclosure document. This document shows you how much you’re borrowing, what the interest rate is, what your payments will be and how you can get help if needed. If this information is unavailable it’s highly suggested you stay away from borrowing from that lender.
- Financial Aid offices are only as helpful as the person on the phone/behind the counter. Often times they don’t or aren’t able to help you with your student loan questions.
- Credibility is key when dealing with a lot of Credit or Debt relief companies. In some states, these companies require licenses given out by the government. If you’re in a state that doesn’t require licensing, make sure you do your research and never pay money up front.
- Bankrupting student loans is not an option.
- Don’t fall victim to debt collection intimidation tactics. Contact a professional to help.
The Takeaway: It will cost you a little money to hire a professional debt relief company. However, they will handle the situation correctly and often end up saving you money, time and stress.
Leslie Tayne on Social Media:
- Website: Tayne Law Group
- Twitter: @LeslieHTayneEsq
- Book: Life & Debt: A Fresh Approach to Achieving Financial Wellness
References Mentioned on the Show:
- YahooFinance Panel ft. Leslie Tayne and Paychecks & Balances – 3 key takeaways about managing credit card debt
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