Of the 11,225 people in Florence, 941 can only afford to make their minimum credit card payments. Sound familiar? Debt consolidation could be the answer.
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Debt Management: Florence, MA
The substantial rates of interest that come with credit cards can bring about substantial debt. Massachusetts Debt Consolidation can help.
When it comes to debt consolidation, Florence residents typically opt to consolidate their debts within a debt management program. These programs, often associated with a credit counseling company, let you repay 100% of what you owe through a single payment per month. The advantages are huge: lower interest rates, installments, and penalty fees. In most cases your credit card providers start supplying these perks as a way to encourage you to repay your debt. Furthermore, DMP’s are one of the most affordable ways to consolidate debt in Florence, MA. Sign up should cost around $70, and the fee every month will be $25-40.
Debt Consolidation Loans in Florence, MA
When you’ve got a good credit rating, you should be able to obtain a debt consolidation loan to pay off your credit balances. If you get a debt consolidation loan in Florence, MA, you should benefit from reduced monthly payments and a lot fewer calls from debt collection agencies, as your old debts will be repaid. If you were to get a loan that’s secured by some of form of equity, there may be tax benefits. Unfortunately, if you can’t make the payments on a secured loan, your home could go into foreclosure. Is a debt consolidation loan right for you?
Debt Consolidation vs Debt Settlement in Florence (MA)
Debt settlement and consolidation are totally different ways to get out of debt. As opposed to debt consolidation, debt settlement leads to an actual elimination of part of your debt.
The following is a chart which will help you figure out if Florence debt settlement or consolidation suits you best.
|Question||Debt Consolidation||Debt Settlement|
|Single Payment Per Month?||Yes||Yes|
|Results in Debt Reduction?||No||Yes|
|Decreased Rates Of Interest?||Yes||No|
|Damaging Influence on Credit Scores?||No||Yes|
|Collection Agencies Forced to Cease Calling You?||No||No|
|Valuable Asset Necessary?||No||No|
|Suitable for Independent College Loans?||Yes||No|
|Suitable for Doctors Bills?||Yes||Yes|
|Works with Communal Property Debts?||No||No|
|Suitable for Payday Advances?||Yes||Yes|
|Suitable for SMB Debt?||Yes||Yes|
|Can Companies Sue You?||Yes||Yes|
|Preferable to Bankruptcy?||Yes||Yes|
|Lump Payments Mandatory?||No||Yes|
|Can Pay Off One Among Many Accounts?||Maybe||Yes|
To figure out which strategy would suit your needs, make sure you request a debt review.
Consolidating Payday Loans in Florence, MA
Payday loans are growing in popularity as a result of the credit crunch. Of the 11,225 residents of Florence, about 584 get at least one payday loan each year. Unfortunately, roughly 444 of these individuals are re-borrowing on the same debt. That’s just staggering. It’s about 75%!
Thankfully, we can put you in touch with Florence MA payday loan consolidation companies who will:
- Consolidate various payday cash loans.
- Reduce inflated cash advance APR.
- Create a strategy for repayment.
- Field payday lender calls.
Need to consolidate your payday loans?
Do You Need Debt Consolidation?
Preferably, your monthly debts ought to account for approximately a third of your wages. This consists of credit card bills, vehicle/student/payday loans, and rent/mortgage payments. Why don’t we take a look at what this means for a typical individual in Florence, MA:
- Income Annually: $47,115
- Income Each Month: $3,926
- Ideal Debt Load: $1,413
- Excessive Debt Load: $1,963
If your debt to income ratio is more than 50%, it is high time to talk to a debt consolidation specialist in Florence, MA.
- Massachusetts debt consolidation company? Contact us!
Debt Collections Agencies in Florence (MA)
Have you been hassled by debt collectors? Debt consolidation frequently reduces debt collector calls, as you can request that your collectors get in touch with your consolidation consultant directly.
- None Listed.