If you are receiving calls, emails or postal notices from your creditors, you are likely frustrated and feeling overwhelmed. No matter what your unique situation is, dealing with creditors is never fun and is rarely easy. You may not know how to start communicating with them effectively and may even be wondering if it is safe for you to pick up the phone when they call.
We have previously written about the unique challenges that people tend to face when they are overwhelmed by student loan debt. Unlike credit card debt, auto loan debt and even medical debt, student loan debt is not generally dischargeable in bankruptcy. This practically means that when an individual is overwhelmed by student loans, he or she is compelled to pay them, whether he or she has the means to do so or not.
We frequently write about the various logistical challenges that individuals may face when their debts have become to unwieldy to manage. However, logistical and legal challenges are not the only hurdles that individuals must clear on their way back to financial stability.