Experts say it’s risky to move to another country to get out of debt Before that happens, see if you can negotiate a student loan settlement that protects both you and your co-signer. Although it sounds like a fantasy from a thriller novel, it’s not impossible to escape some of your debts by leaving the country. Struggling borrowers should instead complete one of the government’s income-based repayment plans, which limits their monthly bill to a portion of their income, he said.
Can you leave the country if you have a loan?
If you’re planning to leave the country with unpaid credit card debt, there are a few things you need to know before you explore the world. If you don’t pay your student loans and leave the country, you could find yourself in a huge financial chaos that makes it difficult for you to buy a house, obtain a work license, or pay your living expenses. It is therefore important that you know what could possibly happen if you decide to leave the country before you pay off your debts.
References:
- Does Debt Follow You to Other Countries If You Leave? – Debt.com
- What Happens to Your Student Loans When You Leave the Country
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.