They say there are only two certainties in this world: death and taxes. Both give us an uneasy feeling in our gut, but only taxes haunt us relentlessly every single year. It’s not just taxes. It’s the cumulation of all our bills. Interest rates climb. The cost of living goes up. College becomes increasingly expensive, forcing people to take out student loan debt and fall behind even more.
The reality is, many Americans struggle from time to time. Income volatility happens to us all. This can make it extremely difficult to fulfill our obligations.
It was estimated that as many as 8.2 million of us get behind, owing as much as $83 billion to the IRS. Add that to the $5.3 trillion owed in student loan debt. What about credit card debt and mortgages? People are fighting to keep up during a time when the economy constantly bounces from one extreme to the other.
There are numerous reasons why this happens. It can be anything, such as their life is completely out of control, to simply not having enough money. Life disruptions, such as a death, sickness, and divorce, happen to most of us. Having student loan debt makes it all increasingly worse.
Income and economic volatility makes it difficult as well. If you don’t know what your income will be any given year, it makes it downright impossible to guess how the year will play out. If you’re doing well for a year, you might consider getting a new vehicle. Then you’re stuck with the lease even if you lose your job.
If you have a lot of student loan debt, give Financial Helpers a call! We’d love to hear from you. You can reach us at:
Student Loan Debt Getting Increasingly Expensive
This isn’t even the worst part. It’s understandable that we have needs. Life is getting increasingly more complicated and expensive while income remains unpredictable.
The problem is, no one cares. It doesn’t matter what reason or excuse you have. If you don’t pay your taxes, they will come after you. If you can’t afford your student loan debt payments, it will go into default. They’re like sharks smelling blood in the water: relentless. The mayhem won’t stop until you’ve paid what you owe.
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The first step is usually a bill in the mail, followed by phone calls. If that doesn’t work, they’ll show up at your door or place of employment. Then they pull out the big guns, escalating the situation even further by taking drastic collection measures that include wage garnishment, seizures, and liens. That’s on top of adding interest and penalties.
Whatever it takes, they’ll do it without mercy.
You Can Fight Back
Despite the misery getting behind can spread, there are ways you can successfully fight back!
The worst thing you can do is to sit and let the government take your money, property, or put a lien on your bank accounts. They will keep piling on interest to increase the amount you owe. It’s a self-perpetuating cycle that won’t just resolve itself.
The best thing you can do at this point is to find some muscle to help you deal with the situation. Consolidate loans. Don’t secure more debt until you have the old debt paid off. And whatever you do, don’t get behind. Pay your bills on time.
