Are you hoping to accelerate the process of paying down your debts? If that’s the case, contacting an experienced Massachusetts debt consolidation company might be what you need. Some solutions involve debt consolidation loans, some don’t. In each case, you should repay 100% of what you owe, but you will profit from a more advantageous payment scheme, as well as less harassment from collections agents.
Let us get you started with a good Massachusetts debt consolidation consultant.
Debt Management (DMP) in MA
Would you like to pay off your credit card debt in less time, with less interest and fees? If so, you may want to enroll in in a debt management plan.
These programs allow you to pay off 100% of what you owe over time with a single monthly payment. The benefits are huge: more affordable interest rates, payments, and service fees. Typically your creditor will begin giving you these benefits after you make three straight payments. What’s more, these programs are normally pretty reasonably-priced. Signing up should be less than $70, and fees each month $25-40.
Debt Consolidation Loans in Massachusetts
When you have excellent credit, you might be able to obtain a debt consolidation loan to pay back your credit card debt.
The benefits of debt consolidation loans in Massachusetts resemble those of a debt management program:
- Reduced Calls from Collection Agencies
- More Affordable Rate
- Consolidated Debt
- Less Lasting Credit Rating Challenges
Not surprisingly, you need outstanding credit to get a loan such as this. Also, it will not allow you to pay back your debts any more quickly. In fact, it may take longer. If you want to consolidate your debt, it’s best to speak to a firm that provides debt consolidation in MA.
When to Consolidate Your Debt
Have you figured out how much credit debt you have?
In an ideal world, no more than 33% of your income will be allotted to paying down debts. These debts include credit cards, loans, and rent or mortgage repayments. Let’s have a look at some average debt and income statistics for consumers in Massuchusetts:
- Income Per Year: $55,244
- Debt Per Person: $3,040
- National Debt Rank: 44th
- Income Each Month: $4,604
- Ideal Debt Load: $1,657
- Serious Debt Load: $2,302
- Bankruptcy Rate: 0.30%
- Bankruptcies: 19,643
As you can see, the ideal debt load for a consumer earning roughly $55,000 per year is $1650 per month, while $2300 of monthly debts indicates a serious issue. If your debt load is over 50%, it is high time to seek the advice of a debt consolidation professional in your area.
What about debt settlement in Massachusetts? There are some things you have to know:
- Harmful for your credit scores.
- Debt never 100% cleared.
- Debt increases while negotiations are taking place.
- Debt collector calls will probably keep coming in.
- Disadvantages at tax season.
- Might be six months before negotiations end