Here are some tips on how one can get out of debt
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The Covid-19 pandemic and the resulting lock down last year meant that many people could not work or lost their jobs. This meant that those who had taken out loans to fund their businesses found themselves in a position where they were unable to repay as they did not have a source of income. In other cases, people just took loans so as to survive during these hard economic times and were unable to repay them.
Defaulting on a loan means one gets listed on the Credit Reference Bureau something which messes up your credit score and ensures that you can’t access more loans in the future till one repays. However, even if you find yourself in such a situation, don’t despair, all you need to do is come up with a debt repayment strategy which will ensure that you are debt free within no time.
What the Student Loan Payment Relief Extension Means for You
You guys, we all know 2020 was insane. But here’s some good news: You may not need to make student loan payments until October of this year because the student loan relief that came from the CARES Act has been extended through Sept. 30, 2021. Let’s talk about what this actually means so you know what’s happening, and so you can get that student loan debt out of your life for good.
What Did the CARES Act Do?
The CARES Act (or Coronavirus Aid, Relief, and Economic Security Act) was a stimulus bill passed by Congress in the early days of the COVID-19 pandemic to help the economy (and a lot of Americans) get back up and running. The CARES Act offered temporary payment suspension, a zero percent interest rate on student loans, and a hold on all collections and wage garnishments or money taken out of the borrower’s paycheck to repay the loan on defaulted loans.