Does it feel as if you’re all alone, struggling with debt? You’re not. The fact is, we believe that 3,277 of Fitchburg’s 39,100 inhabitants could use debt relief. Debt consolidation is a valid, reasonably priced option if you have at least $10K in debt.
There are two distinct sorts of debt consolidation solutions: with and without a loan. In both cases, you need to have a stable income source.
Want to get out of debt? Find a debt consolidation firm in Fitchburg, MA. Now!
Credit Card Debt Consolidation in Fitchburg (MA)
Credit cards are a handy way to pay for things, but they all too frequently bring about staggering debt. Fortunately, there are options.
In most cases, Fitchburg residents decide to consolidate their debts into a debt management program.
This DMP has numerous advantages:
- Only One Payment
- More Affordable Interest
- Less Penalty Fees
Furthermore, these programs are normally quite cost-effective.
Debt Consolidation Loans in Fitchburg (MA)
Should you obtain a debt consolidation loan in Fitchburg, MA, the funds are used to pay off your existing debts. Of course, the loan must still be repaid.
As opposed to sending payments to several different credit card companies every month, you will only need to worry about your monthly payment. Not surprisingly, you’ve got to have very good credit to get this type of loan. Also, it will not allow you to become debt free any faster. In fact, it may take longer. Speak to a debt consolidation specialist in Fitchburg, MA, to learn which debt consolidation strategy will be best for you.
Debt Settlement vs Consolidation: Fitchburg, MA
Debt settlement and consolidation are very different ways of getting free from debt. In contrast to debt consolidation, debt settlement is an intensive negotiation that leads to a percentage of what you owe basically being eliminated.
Let’s look at a table which will help you determine which approach suits you best.
|Question||Debt Consolidation||Debt Settlement|
|Single Monthly Payment?||Yes||Yes|
|No Cost Financial Counseling Available?||Yes||Yes|
|Results in Reduction in Debt?||No||Yes|
|Adverse Effect on Credit Report?||No||Yes|
|Collection Agencies Must Stop Contacting You?||No||No|
|Will Need a Valuable Asset?||No||No|
|Works with Health-Related Bills?||Yes||Yes|
|Suited to Communal Property Debt?||No||No|
|Works for Pay Day Loans?||Yes||Yes|
|Suited to Business-Related Debts?||Yes||Yes|
|Can Lenders Sue You?||Yes||Yes|
|Preferable to Bankruptcy?||Yes||Yes|
To decide which strategy would suit you best, you need to request a debt analysis.
When to Consolidate Your Debt
In a perfect world, not more than 36% of your income ends up being devoted to paying back what you owe. This encompasses credit cards, auto/student/payday loans, and rent/mortgage repayments. For example, say you earn $3,084 every month, which is the average for someone who lives in Fitchburg, then, ideally, you would spend less than $1,141 monthly. Lamentably, many Fitchburg residents are carrying severe debt, classified as a debt to income ratio of more than 50%. They’re having to spend more than $1,542 a month!
If your monthly debt cost is over 50%, it is high time to seek the advice of a debt consolidation specialist in Fitchburg, MA.
Searching for a Debt Consolidation Business in Fitchburg (MA)
Regrettably, the industry has historically been inundated by fly-by-night businesses. However, we help you select which debt consolidation businesses in Fitchburg are trustworthy. As per FTC standards, any Fitchburg MA debt consolidation consultant needs to tell you:
- Cost structure.
- How long their program takes.
- How much you have to save before they will make contact with each creditor.
- The damaging effect on your credit score.
Picking a provider randomly is treacherous. It is best to chat with family or friends who have experience with agencies you’re considering. On the other hand, you can have us find you a debt consolidation company in Fitchburg through our online contact form.
Debt Consolidation Agencies in Fitchburg (MA)
- Massachusetts debt consolidation company? Contact us!
Debt Collectors: Fitchburg, MA
- None Listed.