At Debt Consolidation Massachusetts, we can help you combine all of your current unsecured debt into one payment each month.
You’ll find two distinct sorts of debt consolidation strategies: some involve getting a loan, the majority don’t. In both cases, you need to have a stable income source. Ready to become debt free? Get in touch with a debt consolidation organization in West Yarmouth, MA. Today!
Debt Management in West Yarmouth (MA)
Credit cards can be an essential part of daily life. However they often result in unbelievable debt. Luckily, there are options. Want to get rid of debt faster, with less expensive annual percentage rates and fees and penalties? If so, you might want to sign up for one of the debt management plans in West Yarmouth, MA. These programs will allow you to pay your debts in full with one easy payment per month, not to mention more affordable interest rates, monthly payments, and fees. Normally your card company starts offering these perks once you demonstrate a history of timely repayments.
Also, DMP’s are one of the cheapest ways to consolidate debt in West Yarmouth, MA. Registration should cost less than $70, and monthly fees $25-40.
As we we previously discussed, debt consolidation may involve obtaining a loan which is used to pay down your credit lines.
The multitude of payments you were juggling for numerous collectors will be superceded by one easy monthly installment – your loan’s payment.
In order to capitalize on a debt consolidation loan, you will need to secure highly affordable interest rates. This means you need a good credit record.
Talk to a debt consolidation expert in West Yarmouth, MA, to determine which option will be right for you.
Debt Management or Consolidation Loan?
|Questions||Debt Management||Home Equity Loan|
|One Monthly Payment?||Yes||Yes|
|Good Credit Required?||No||Yes|
|Bad for Credit Ratings?||No||No|
|Collection Agencies Quit Calling You?||Sometimes||Yes|
|Risk of Foreclosure?||No||Yes|
|How Much Time?||3-6 Years||10-15 Years|
To find out which strategy would fit your needs, it is best to request a debt assessment.
Debt Consolidation vs Debt Settlement in West Yarmouth, MA
A good number of folks assume that debt settlement and consolidation are interchangeable, but they’re not. Debt settlement is an intense series of negotiations that leads to a significant elimination of a percentage of the debt.
The table below might help you figure out if West Yarmouth debt settlement or debt consolidation is correct for you.
|Questions||Debt Consolidation||Debt Settlement|
|One Monthly Payment?||Yes||Yes|
|Leads to Reduction in Debt?||No||Yes|
|Bad for Credit?||No||Yes|
|Collection Agencies Have to Quit Calling You?||No||No|
|Will Need a Valuable Asset?||No||No|
|Suited to Independent College Loans?||Yes||No|
|Works with Medical Bills?||Yes||Yes|
|Suitable for Communal Property Debt?||No||No|
|Works with Cash Advances?||Yes||Yes|
|Suitable for SMB Debt?||Yes||Yes|
|Can Lenders Sue You?||Yes||Yes|
|Preferable to Bankruptcy?||Yes||Yes|
|Lump Payment Mandatory?||No||Yes|
|Can Settle One of Multiple Accounts?||Maybe||Yes|
To decide which option suits you best, we recommend you chat with a qualified debt professional.
Assessing Your Debt Load: West Yarmouth, MA
Any West Yarmouth debt consolidation consultant you talk with will want to know how much debt you’ve got that is unsecured, meaning it isn’t guaranteed by an asset of some kind. The most commonly seen types of debt are:
- Credit Cards
- Pay Day Loans
- Rent/Mortgage Payments
- Other Credit Accounts
Ideally, the amount of debt you owe monthly will take up no more than one third of your earnings. Such debts encompass credit cards, car/student/payday loans, and rent or mortgage repayments. For example, say you earn $3,076 every month, which is about average average for someone who lives in West Yarmouth, then, preferably, you would spend around $1,107 a month. Unfortunately, many West Yarmouth residents have substantial debt, recognized by debt-to-income ratios of more than 50%. That means they are having to spend more than $1,569 per month!
There are 8,340 residents of West Yarmouth, and 699 can only afford to make their minimums every month. Wouldn’t you like to be debt-free?
Choosing a Debt Consolidation Business: West Yarmouth, MA
The Federal Trade Commission sets forth dedicated laws that govern how debt consolidation and settlement providers do business.
In accordance with the FTC, any West Yarmouth debt consolidation organization must:
- Fully describe their fee structure.
- Inform you of how many weeks their system takes.
- Tell you how much you have to save before they will make contact with each of your lenders.
- Fully describe how their program may affect your FICO scores.
It is too risky for you to settle on your firm without doing some research. Make sure you talk with friends who have worked with a specific company. Alternatively, you can request a free debt evaluation through our service.
Consolidation Programs in West Yarmouth (MA)
- Massachusetts debt consolidation company? Contact us!
Debt Collectors in West Yarmouth, MA
- None Listed.