At Debt Consolidation Massachusetts, we could help you consolidate what you owe into one easy monthly payment.
You’ll find several different sorts of debt consolidation solutions: some involve a loan, the majority don’t. Either way, you need to have a consistent source of income. A skilled debt consolidation consultant can give you more details about which solution is best for you.
Credit cards have become an essential part of one’s financial life, but they all too frequently lead to enormous amounts of debt. MA Debt Consolidation can help.
There are close to 6,457 people in Somerville who qualify for debt consolidation, and most of them would be best served by a debt management plan. Debt management plans, usually provided by a credit counseling company, let you repay your debt in full over time through a single payment per month, not to mention decreased interest rates, installments, and service fees. As a rule your card providers or other creditors start presenting these benefits at the behest of your debt consolidation company.
In addition, this is one of the most inexpensive methods of consolidating credit debt in Somerville, MA. Sign up should cost about $70, and the fee every month will be $25-40.
Somerville, MA Debt Consolidation Loans
Debt consolidation loans come in two forms: unsecured bank loans and home equity loans, of which the latter is most typical. Instead of delivering payments to a multitude of credit card companies on a monthly basis, you’ll simply need to worry about your monthly payment.
Ideal prospects for credit card debt consolidation loans in Somerville MA are property owners with excellent credit and substantial income, as these are necessary to get a loan at a cheap annual percentage rate. To find out whether a debt consolidation loan is the right option, it’s best to seek the advice of an organization that does debt consolidation in Somerville, MA.
Debt Settlement vs Debt Consolidation in Somerville, MA
So many people in Somerville mistake debt settlement and debt consolidation. Debt settlement leads to a real elimination of part of your debt.
Have a look at the chart below to decide if debt consolidation or settlement is correct for you.
|Questions||Debt Consolidation||Debt Settlement|
|One Monthly Payment?||Yes||Yes|
|Outstanding Balances Reduced?||No||Yes|
|Interest Levels Decreased?||Yes||No|
|Will Help with Overdue Loans?||No||Yes|
|Damaging to Credit Scores?||No||Yes|
|Collection Agencies Must Cease Phoning You?||No||No|
|Must Have Collateral?||No||No|
|Works for Doctors Bills?||Yes||Yes|
|Suitable for Communal Property Debt?||No||No|
|Works with Payday Advances?||Yes||Yes|
|Suitable for SMB Debt?||Yes||Yes|
|Can Companies File Claims Against You?||Yes||Yes|
|Better Than Bankruptcy?||Yes||Yes|
|Lump Sum Payment Necessary?||No||Yes|
|Can Repay One of Many Accounts?||Maybe||Yes|
|Must Sign an Agreement?||Yes||Yes|
To determine which approach meets your requirements, we suggest you request a debt assessment.
Debt Analysis: Somerville, MA
How much credit card debt are you carrying?
If at all possible, around 36% of your monthly income will be dedicated to paying down what you owe. These debts incorporate everything you owe:
- Credit Card Balances
- Any Loans
- Mortgage Payments
Here’s what this means for a typical individual in Somerville, MA:
- Yearly Income: $46,538
- Income Per Month: $3,878
- Ideal Debt Load: $1,396
- Serious Debt Load: $1,939
You’re not the only person trying to get out of debt. Believe it or not, we estimate that 6,457 of Somerville’s 77,040 residents are trying to find a debt relief solution of some kind or another.
Even if you utilize our service to find a debt consolidation company in Somerville, you need to ensure they follow FTC policies.
In accordance with the FTC, your Somerville debt consolidation consultant is required to present you with the following information before you enroll in their program:
- Signup and fees each month.
- How long until they email or call each lender.
- The amount that you have to save before they’ll speak with each creditor.
- The negative impact on your credit ratings.
It is unwise to select your provider without doing some research. It’s best to talk with people who have worked with companies you’re considering, or let us connect you with a debt consolidation company in Somerville through our web form.
- Justice League Law Center, 311 Broadway, 02145
Debt Collectors in Somerville (MA)
- Eastern Mercantile Corp., 265 Medford St Ste 603, 02143-1963