Debt Management and Settlement

This living topic covers the various aspects of debt management, including the challenges and strategies of dealing with different types of debt such as credit card debt, student loans, and medical bills. It highlights the stress and financial burden debt can cause, the illegal practices by some debt collectors and companies, and the legal protections available to consumers. The topic also provides insights into debt settlement options, federal and state interventions to protect consumers, and practical advice for managing and reducing debt. Additionally, it discusses the implications of national debt on individual finances and the economy, and includes personal stories and expert advice to help consumers navigate their financial challenges.

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How missing student loan payments affects your credit score

More than 9 million borrowers are seeing their credit scores lowered

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Collections restarted on millions of defaulted student loans this month, but millions of other student loan borrowers are at risk of default and will see their credit scores lowered.

Missing a monthly student loan payment makes the borrower delinquent and after 90 days of not making a payment, the borrower is at risk of default and will be reported to credit bureaus, according to Federal Student Aid.

The impact is already widespread: More than 9 million student loan borrow...

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