We make it simpler to combine all your credit card debt into one easy payment amount.
Generally, Springfield debt consolidation means working with a credit counseling agency in Springfield, Massachusetts to register for a debt management plan. Your debt specialist will negotiate more favorable interest rates and terms from your creditors. To determine which type fits your needs, talk to a licensed Springfield debt consolidation professional.
The sheer number of shoppers with two or more credit cards and delinquent payments is hard to ignore. Fortunately, we may be able to help. Of the 14,058 people in Springfield needing debt relief, most of them would benefit from a debt management plan above all else.
A DMP offers numerous advantages:
- Just One Payment Per Month
- Lowered Rates
- Forgiven Extra Fees
If you’re looking for a credit card consolidation agency in Springfield, MA, this is one of the most affordable options, only $25-35 every month.
There are two primary kinds of debt consolidation loans: unsecured personal loans and loans backed by your home. The latter is most prevalent.
The main advantages of debt consolidation loans in Springfield, MA, are much like those of debt management plans:
- Reduced Debt Collector Calls
- Lesser Annual Interest Rates
- Consolidated Bills
- Less Lasting Credit Rating Challenges
Not surprisingly, you must have extremely good credit to get a loan like this, and it may take more time to repay this loan than it would you credit cards. Wondering if a debt consolidation loan is right for you?
Debt Consolidation vs Debt Settlement: Springfield, MA
Scores of consumers in Springfield mix up debt consolidation with debt settlement. As opposed to debt consolidation, debt settlement is an intense negotiation that leads to a real reduction in what you owe.
Unfortunately, debt settlement adversely impacts your credit score. And keep in mind that you have to pay taxes on the debt that’s settled. For that reason, debt settlement is normally thought to be an alternative to filing for bankruptcy.
To find out which strategy would fit your needs, we recommend you call a qualified debt relief professional – at zero cost!
Springfield Debt Budgeting
In a perfect world, the amount of debt you owe on a monthly basis will take up roughly 33% of what you make. Such debts incorporate both secured and unsecured debts:
- Credit Card Balances
- Vehicle, College, and Payday Loans
- Rent or Mortgage Payments
If you earn $1,718 each month, which is about average average for Springfield residents, then, if possible, you would spend less than $636 per month. Lamentably, many Springfield residents have severe debt, classified as debt-to-income ratios (DTI) of 50% or more. They’re shelling out more than $859 each month!
Of the 127,799 credit card holders in Springfield, 14,058 can hardly afford to make their monthly minimums. Don’t panic if that’s you.
- Consumer Credit Counseling Service, 1 Locust St, 01108
Debt Collections Agencies in Springfield (MA)
- None Listed.