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!
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.
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|
|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
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.