Debt can be beneficial and some of it is good debt. Some debt can help you to improve your credit score and help make big purchases like cars or houses. Student debt is not that. Other debt is not like that. Bad debt comes in many shapes in sizes, but it always leaves you in a worse position than before. However, we found some companies to help you destroy your debt.
So how should you go about getting rid of bad debt while taking advantage of any "good" debt? There are plenty of companies out there designed to do just that, many of which are POC-owned businesses. Below we have compiled some of these change-making companies. And before you ask, no they didn't ask us to do this. They're just really cool.
SpenDebt can help you destroy your debt
To steal a quote from SpenDebt's website: "How do you eat an elephant? One bite at a time." This pithy explanation perfectly encapsulates what SpenDebt is all about: paying off your debt gradually by taking bite-sized chunks out of the elephant that is your debt. They take care of your debt by taking micropayments from each purchase you make. This allows you to slowly take out a bite-size chunk of your elephant-sized debt.
By using SpenDebt, you'll find that your student loan payments can be much lower at month's end than you would think possible. Not only that, but this method of payment is like candy to the credit bureaus. Showing responsible payment habits like the ones established through SpenDebt can be crucial in building your credit score.
To find out how it works, visit them at SpenDebt.com or check out their explantation video!
EduRain is perfect for student loans
Your inclusive higher education financial support platform! EduRain is literally an all inclusive platform which allows students to find funding for higher education in one place. With EduRain you're able to complete the tedious government FAFSA form within 5 minutes as well as find scholarships and scholarship writing assistance with their AI writing tool.
If housing and living accommodations are a barrier for prospective students, EduRain offers a bridge-credit advance program to help students move off campus and start building credit. Currently the platform is open for viewing but will be launching soon. Their credibility is backed by companies such as The Balsa Foundation, The StartUp School, The Center for Experiential learning and many more. Another bonus, is EduRain's diversity of clients, as this company supports the use of any student regardless of race, ethnicity, and sexual orientation on their platform!
FreeCap Financial
So what do you do when you've either completely paid off, or stabilized yourself with your student debt? If you're smart, it's time to invest. The problem is, how do you know which companies to support when you constantly see these big corporations being caught as contributors to the country's biggest issues? You may not know it, but a huge portion of companies are directly or indirectly complicit in the expansion of the immoral private prison system. This system is a huge part of why the United States has roughly 5% of the world's population, but almost a quarter of the world's prisoners.
FreeCap Financial tackles this by providing financial data on "socially responsible investing criteria, helping investors move their money out of prisons and into solutions to mass incarceration." So not only do they make your money work for you by providing a financially stable future for yourself, but your money will go towards abolishing private prisons and helping the nation heal from the evil, discriminatory nature of mass incarceration.
Take a look at their website to learn more, or watch their founder's video on YouTube!
And of course, Defynance is fighting the good fight to destroy student loan debt.
Even if you don't use them yourself, it would be wise to keep these resources on your radar as they are the future of finance. We want to thank SoCap for connecting us to these amazing companies. We look forward to seeing them progress and grow in the future!
