If you’re struggling to repay the money you owe, combining your credit cards and debts into just one payment a month might help.
To talk to a debt consolidation consultant, please contact us. MA Debt Consolidation can match you to a debt consolidation firm in Northampton, MA, considering how much debt you’re carrying, your location, and various other variables.
Debt Management in Northampton, MA
In too many cases, credit cards are a slippery slope into debt. Fortunately, there are solutions. In most cases, debt consolidation in Northampton, MA, means the management of debt through a DMP. These plans will allow you to repay your creditors entirely in 36-60 months through one easy monthly payment, in addition to more affordable rates, monthly payments, and penalties. As a rule your card company starts giving you these perks once you demonstrate a history of timely repayments. Also, this is one of the cheapest ways of consolidating credit debt in Northampton, MA, only $25-40 each and every month.
When you have good credit, you might be able to obtain a debt consolidation loan to pay down your credit balances.
The many payments you were submitting to different collectors will be replaced by one easy monthly installment, your loan’s payment. Keep in mind, a wide range of advisors would say that going to credit counseling in Northampton, MA would be a more sensible choice. To figure out if a debt consolidation loan is a viable solution, you should speak with a company that does debt consolidation in Northampton, MA.
|Question||Debt Management||Home Equity Loan|
|Single Payment Amount?||Yes||Yes|
|Good Credit Required?||No||Yes|
|Lower Interest Levels?||Yes||Yes|
|Damaging Effect on Credit Report?||No||No|
|Collection Agencies Cease Phoning You?||Often||Yes|
|Will Need a Valuable Asset?||No||Yes|
|Risk of Foreclosure?||No||Yes|
|How Long?||3-6 Years||10-15 Years|
To determine which alternative meets your requirements, we recommend you request a review of of your current debt – it’s free!
Debt Consolidation vs Debt Settlement in Northampton (MA)
A great many consumers in Northampton mix up debt consolidation with debt settlement. In contrast to debt consolidation, debt settlement is an intense series of negotiations that leads to an actual elimination of part of the debt.
Have a look at the chart below to decide which approach meets your requirements.
|Questions||Debt Consolidation||Debt Settlement|
|One Monthly Payment?||Yes||Yes|
|No Cost Credit Counseling Provided?||Yes||Yes|
|Results in Debt Reduction?||No||Yes|
|Detrimental to Credit Report?||No||Yes|
|Collectors Must Quit Phoning You?||No||No|
|Valuable Asset Necessary?||No||No|
|Appropriate for Hospital Bills?||Yes||Yes|
|Works with Community Property Debt?||No||No|
|Suited to Payday Loans?||Yes||Yes|
|Suited to Small Business Debt?||Yes||Yes|
|Can Lenders File Claims Against You?||Yes||Yes|
|Better Than Bankruptcy?||Yes||Yes|
|Lump Sum Payment Necessary?||No||Yes|
|Negative Tax Consequences?||No||Yes|
|Can Repay One of Many Accounts?||Maybe||Yes|
|Signed Contract Necessary?||Yes||Yes|
To find out which approach suits you best, it is advisable to request a debt consultation – it’s free!
Northampton Debt Budgeting
To determine which debt consolidation approach you should go with, you must know the relation of debt to income. Ideally, your monthly debt payments should comprise less than 33% of your earnings. Such debts encompass everything you owe every month:
- Credit Cards
- All Loans
- Home Loan Payments
For example, suppose you make $1,789 every month, about average average in Northampton, then, ideally, you would spend less than $662 per month. Lamentably, many Northampton residents are in major debt, recognized by a debt to income ratio of more than 50%. That means they are shelling out more than $912 per month!
Debt load greater than 50%? If that’s the case, you really should speak with a debt consolidation professional in your area.
Debt Consolidation Providers: Northampton, MA
- Massachusetts debt consolidation company? Contact us!
Debt Collections Agencies: Northampton, MA
Are you getting calls or letters from collection agencies on a regular basis? Debt consolidation usually reduces calls from debt collectors, as you can request that your lenders call your consolidation consultant directly.
- None Listed.