“I graduated from a software bootcamp and got a decent job, but my loan going into repayment is 32000 at 14.5%. Crazy….”: I am facing a high-interest personal bootcamp loan. How can I handle this debt dilemma effectively?

Hi Money Minder,

Good Luck,
Techie Turned Debtor

Response from THE MONEY MINDER: Thank you for reaching out. How can we assist you today?

Hello There,

Hello,

Congratulations on graduating from a software bootcamp and securing a decent job! I’m sorry to hear about the hefty loan repayment amount you are facing. It’s definitely a challenging situation to be in, but there are practical steps you can take to handle this debt effectively.

Given the high interest rate of 14.5% on your personal loan, refinancing could be a beneficial option to explore. Look into different financial institutions or online lenders that offer lower interest rates for personal loans. By refinancing at a lower rate, you could potentially save money on interest payments over time.

Another approach to consider is creating a structured repayment plan. Calculate your monthly budget and expenses to determine how much you can realistically allocate towards paying off your loan each month. Making consistent payments, even if they are small amounts, can help reduce the overall debt in the long run.

It’s also worth reaching out to your lender to discuss any potential options for loan modification or consolidation. They may be able to provide guidance on how to best handle your specific situation and offer assistance in restructuring your repayment terms.

Remember, tackling debt can be a gradual process, so be patient with yourself. Stay focused on your financial goals and continue to prioritize making regular payments towards reducing your loan amount. With determination and strategic planning, you can work towards managing and eventually eliminating your debt.

Best of luck with your loan repayment journey!

THE MONEY MINDER