Debt & Credit

I have way too much student debt. Can I consolidate my loans?

Published by:

There are a few questions that people write to me frequently about. Here are some of them:

  • What do I do about all my student loans?
  • Can I consolidate them?
  • What does that even mean?
  • Will I pay less or more?
  • Is this permissible for me as a Muslim?

What is Debt Consolidation?

Debt consolidation is “the combining of several unsecured debts into a single, new loan that is more favorable.” In laymen’s terms, all the different loans that you are paying money on will be rolled into one big one, and you’ll make one payment. Continue reading

Three things you can do right now to reduce your debt

Published by:

credit_card_yoke

Exhibit A: Guy with credit card debt

 

We’ve all been there and it’s no fun. Whether to pay a minimum on our credit card bill or pay back a friend, there’s a certain resistance that each of us feel when parting with our money. What’s worst though is the lack of feeling we have when spending it! Each of us have dreams and aspirations, but most of us are held back because we think our jobs and lives are limiting us. They’re not, but our debts and bad decisions are. Continue reading

Ten Tips for Muslims with Student Debt

Published by:

As freshman commence their journeys, sophomores return for another year, juniors pray they can make it to senior year and seniors struggle with senioritis, it’s time for all of us to take a step back and learn so that gaining education doesn’t cost us the rest of our lives.

We must ask ourselves a few questions:

  • How do I avoid debt in general?
  • As a Muslim, how do you avoid incurring student loan debts?
  • Isn’t it too late? Shouldn’t I have been saving for the past 20 years?

These are all legitimate questions that we should genuinely be asking ourselves. For decades, Muslim students have been graduating and earning degrees from institutions of higher education and during this time they have witnessed the cost of education increase exponentially. Just speak to your parents. When they hear how much school is going to cost this upcoming year, they are baffled.

Continue reading

Want the latest and greatest updates from Muslim Money Guide?

Subscribe to our mailing list below. You'll get:

  • Latest Articles

  • Video and Podcasts

  • Whitepapers and Research

Your Email Address: