A car loan and student loans - feels like you owe everyone money. Maybe a credit card or two. Debt really puts a crimp on your life. Let's look at 5 ways you can improve your cash flow.
1. Still a Student? Consolidate
If you are still a student, think about combining your debts into one. You may want to consider your student loans in this role. Student loans offer typically low rates, but sometimes other loans have better terms. You may have some hardship benefits - deferral, lower payments when you don't have as much, for example. Those benefits really helped me when I was between jobs or had other hard times.
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A car loan, on the other hand typically doesn't offer this kind of flexibility, and if you are paying on a car a few years old, it may not have the value to support consolidation.
I wouldn't recommend a credit card as a way to consolidate. Credit cards, even the best, have steep fees when you are late, typically higher interest, and too often offer you the chance to add to your debt - a bad idea when things are tight already.
Not a Student? Try a Different Consolidation Loan
You can consolidate a car loan and student loans other ways as well. First, you could get a regular student consolidation loan to combine your student loans. This helped me reduce my payment significantly. You won't be able to include the car, but it still may help.
A quick note on a straight consolidation loan from a bank or credit union. You can just apply for a consolidation loan, lump your loans together and make one payment. The problem is you may not be able to get a better payment. If you apply for one of these, look at the payment before you sign and compare it to the payment you are making on the loans separately. Add up your payments to see if it will help.
You should also consider the interest rate. You will probably not have a great rate, since consolidation loans don't usually have any collateral. If it doesn't help your budget and charges you more interest, it probably isn't a good idea.
2. Improve Your Budget By Improving Your Car Loan
Notice I didn't say improve your car. Here are a couple of ways to make your budget work better by changing your car loan.
- First, think about selling your car. If you can sell your car and eliminate an expensive loan, that might really help. If you bought too much car, this may save you. Be sure you know how you will get around if you get rid of the car. Some campuses are setup so you don't really need one except for weekend trips, and you can borrow one from a friend or get them to drive.
- Second, and I have done this, think about refinancing your car. I had a normal car loan then found out a new bank would give me a great rate on refinancing my car. I took it, lowered my interest and have used that bank ever since.
Keep Your Debt Under Control
Whatever you decide to do, plan on getting out of debt. Making payments will drain your budget for years to come. Try looking into student loan forgiveness plans as well. Don't let debt slow you down. Live cheap for a while while you pay that debt off build up some savings. It seems tough, but you can do it.
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