At Debt Consolidation Massachusetts, we make it easier to consolidate your debts into just one payment every month.
For a free debt assessment, please fill out this easy form. Don’t wait. You can start the path to becoming debt-free right now.
The number of people with multiple credit cards and past due payments is staggering. Luckily, you have options. Want to pay back your credit card debt faster, with less interest and bank charges? Then you should probably take part in a debt management plan. This DMP provides quite a few benefits:
- One Single Payment Per Month
- Reduced Interest
- Waived Late Charges
Additionally, these types of programs are normally pretty affordable.
Groton, MA Debt Consolidation Loans
You will find two principal types of debt consolidation loans: unsecured bank loans and loans secured by a home or other property. The second is most commonplace.
As a rule, a debt consolidation loan will lead to more affordable monthly bills and fewer calls from debt collectors. Since of course, your old debts will have been cleared. Of course, you are simply switching out one type of debt with yet another. If you want to start getting out of debt, you should seek the advice of one of our debt experts.
Debt Consolidation vs Debt Settlement in Groton, MA
A lot of folks in Groton believe that debt settlement and consolidation are interchangeable, but they’re not. Contrary to debt consolidation, debt settlement is an intense process that results in a percentage of the debt essentially being pardoned.
Below is a chart which will help you determine if debt settlement or consolidation suits you.
|Questions||Debt Consolidation||Debt Settlement|
|Single Payment Amount?||Yes||Yes|
|Zero Cost Credit Counseling Offered?||Yes||Yes|
|Leads to Reduction in Debt?||No||Yes|
|Interest Levels Lowered?||Yes||No|
|Helps with Delinquent Loans?||No||Yes|
|Detrimental to Credit Report?||No||Yes|
|Debt Collectors Forced to Stop Phoning You?||No||No|
|Will Need Collateral?||No||No|
|Works for Non-Public Student Loans?||Yes||No|
|Appropriate for Doctors Bills?||Yes||Yes|
|Suited to Communal Property Debts?||No||No|
|Appropriate for Cash Advance Loans?||Yes||Yes|
|Appropriate for Small Business Debts?||Yes||Yes|
|Works for Modest Debts?||Yes||Yes|
|Can Creditors File a Suit Against You?||Yes||Yes|
|Preferable to Bankruptcy?||Yes||Yes|
|Damaging Tax Implications?||No||Yes|
|Must Sign an Agreement?||Yes||Yes|
To figure out which approach would suit you best, it’s essential to talk to a specialist – free of charge!
Groton Debt Budgeting
In a perfect world, not more than 30% of the income you make each month ought to be allotted to repaying what you owe. Such debts incorporate credit cards, loans, and rent or mortgage payments. If you make $2,302 each month, the average in Groton, then, preferably, you would spend around $852 a month. Unfortunately, many Groton residents are carrying substantial debt, recognized by debt-to-income ratios of 50% or higher. They’re spending more than $1,151 a month!
If your debt to income ratio is higher than 50%, you’ll want to talk with a debt consolidation professional in your area.
Finding a Debt Consolidation Agency in Groton (MA)
When you find a debt consolidation company in Groton, you’ll want to be sure they comply with FTC policies.
In keeping with FTC standards, your Groton debt consolidation consultant must give you the following information before you become a member of their program:
- All of the pricing and fees.
- How long their program takes.
- The amount that must be saved before they will make contact with your creditors.
- The damaging impact on your credit scores.
It is too much of a risk for you to select your provider without doing some research. You should speak to friends or acquaintances who have been clients of companies you’re considering, or request a debt consultation – it’s complimentary.
- Massachusetts debt consolidation company? Contact us!
Debt Collections Agencies in Groton, MA
- None Listed.