Debt Consolidation Massachusetts

Debt Consolidation – Cambridge (MA)

We make it simpler to combine your unsecured debt into one simple payment every month. Consolidation may mean two totally different debt relief strategies: debt management plans (DMP) and debt consolidation loans.

Ready to get rid of debt? Get in touch with a debt consolidation consultant in Cambridge, MA. It’s free!

>> Get Your Cost-Free Savings Quote!

Credit Card Debt Consolidation: Cambridge (MA)

Pretty much every Massachusetts resident has a credit card today, and the bulk of them don’t pay down their balance each month. Massachusetts Debt Consolidation can help. Most commonly, debt consolidation in Cambridge, MA, will involve managing debt through a specialized program. This type of debt consolidation provides numerous advantages:

  • Just One Payment Per Month
  • Lowered Interest Rates
  • Less Extra Fees

On top of that, this is one of the cheapest ways of consolidating debt in Cambridge, MA.

>> Free No Hassle Debt Consultation!

Loans for debt consolidation are used to repay your credit lines at a lower interest rate.

Rather than delivering payments to various collectors each month, you’ll have your monthly installment. Unlike other Cambridge debt consolidation programs, these kinds of loans do not supply any of the budget-related instruction you’d get from debt management in Cambridge, MA. Meet with a debt consolidation consultant to find out which debt relief option is ideal for you.

Comparison of Debt Consolidation Loans and Debt Management in Cambridge

Questions Debt Management Consolidation Loan
One Payment Per Month? Yes Yes
Good Credit Required? No Yes
Interest Levels Lessened? Yes Yes
Bad for Credit Ratings? No No
Collectors Quit Phoning You? Maybe Yes
Must Have Collateral? No Yes
Risk of Foreclosure? No Yes
Time Required? 3-6 Years 10-15 Years
Better Than Bankruptcy? Yes Yes

To determine which strategy is right for you, we recommend you request a review of of your current debt – at zero cost!

Debt Settlement vs Debt Consolidation: Cambridge (MA)

Quite a few folks mistake debt settlement with debt consolidation. As opposed to debt consolidation, debt settlement leads to a percentage of your debt truly being forgiven.

Explore the list below to figure out which strategy suits you.

Question Debt Consolidation Debt Settlement
Single Payment Amount? Yes Yes
No Cost Credit Counseling Offered? Yes Yes
Credit Balances Reduced? No Yes
APR’s Minimized? Yes No
Bad for Credit Scores? No Yes
Collectors Have to Cease Phoning You? No No
Must Have Collateral? No No
Suitable for Independent Student Loans? Yes No
Appropriate for Medical Bills? Yes Yes
Appropriate for Community Property Debts? No No
Suitable for Pay Day Loans? Yes Yes
Appropriate for Business-Related Debt? Yes Yes
Works for Modest Debts? Yes Yes
Can Lenders File a Suit Against You? Yes Yes
Preferable to Bankruptcy? Yes Yes
One Time Payment Mandatory? No Yes
Damaging Tax Implications? No Yes
Can Pay Back One of Many Accounts? Maybe Yes

To decide which option would be right for you, it’s good to request a debt review – free of cost!

Assessing Your Debt Load: Cambridge, MA

Debt Consolidation Companies Cambridge MA

How much credit card debt are you carrying?

If at all possible, not more than 36% of the amount you make per month would be devoted to paying off debts. These debts incorporate pretty much anything you owe:

  • Credit Cards
  • Vehicle, College, and Payday Loans
  • Home Loan Payments

If you earn $3,320 monthly, the average for someone who lives in Cambridge, then, ideally, you would spend less than $1,228 a month. Lamentably, many Cambridge residents have major debt, indicated by a debt to income ratio (DTI) of more than 50%. They’re having to spend more than $1,660 every month!

Do you owe more than $10K in debt? Then you really should contact a debt consolidation professional near you.

Debt Consolidation Companies: Cambridge (MA)

The Federal Trade Commission has established strict standards that control how these firms treat consumers. As per the FTC, any Cambridge debt consolidation agency must:

  • Fully describe their pricing structure.
  • Let you know how long their system takes.
  • Explain how much you have to save before they’ll connect with all of your creditors.
  • Fully describe how your credit score may be impacted.

It’s downright risky to pick your company arbitrarily. It is best to chat with friends or acquaintances who have experience with a certain business, or request a free debt evaluation through our service.

Debt Consolidation Firms in Cambridge, MA

  • Parker Terrence Law Offices, 185 Alewife Brook Pky, 02138

Debt Collectors: Cambridge (MA)

One of the most terrible issues with debt is fighting with debt collectors. Fortunately, when you join a debt consolidation program, your debt relief service will typically take the calls from debt collectors. Unfortunately, collectors aren’t under any obligation to honor this request.

  • None Listed.

Cambridge MA Debt Consolidation