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Repaying Your Personal Loans
Education debt is one thing. But there are two kinds of personal debt that you may also build up while in school: credit card debt and financing. Credit card debt comes from that sliver of plastic (or two or three) in your wallet. Financing debt comes from that car you bought, that computer you purchased, or any other big-ticket item you for which agreed to pay out over a specific time.
To get a handle on your repaying your personal loans, do the following:
- Try to pay up before your graduate, to lower your debt burden.
- Set up payment schedules – Write the dates when you need to mail your checks – a date that’s at least ten days before the bill is actually due.
- Use your planner – Record payment times in your appointment book
- Use an online tool, such as Google Calendar. You’ll be notified by email of upcoming payments you need to make.
- Set up an online payment system with your vendors, lending institutions, and credit card companies. They can debit your bank account each month on a day that you predetermine. That way, you won’t have to remember to write checks, but you will have to remember to record these deductions in your check register.
If you can’t pay a bill in full, contact the lender to see if you might negotiate partial payment or set up an alternative payment plan.