For anyone who is researching Washington debt consolidation agencies, let us give you some guidance. Some programs involve a debt consolidation loan, while others do not. In both cases, you’ll only write a check for one monthly payment. Please don’t hesitate. Learn how much a debt consolidation firm in Washington can save you.
Debt Management in Washington State (WA)
There are up to 563,651 people in Washington looking for debt consolidation, and most would be best served by a debt management plan. These programs allow you to pay off all the money you owe over time through a single monthly payment, as well as reduced interest rates, payments, and extra fees. Typically your creditor will begin providing these perks after three straight payments are made. In addition, these plans are normally pretty economical, just $25-40 a month.
Debt Consolidation Loans in WA
When you decide to take out a debt consolidation loan in WA, the money is used to pay down your existing debts. You will still have to repay the borrowed funds, but the APR may be more advantageous. As opposed to submitting payments to a variety of credit card providers each month, you’ll be responsible for your installment payment. If you get a home equity loan, there may be a positive impact during tax season. On the other hand, if you fall behind on a loan like this, your home could go into foreclosure. Meet with a debt consolidation consultant to find out which solution will be ideal for you.
WA Debt Analysis
The average person in Washington has $2,850 in debt, but 666,133 people are estimated to owe in excess of $10,000 in credit card debt alone. That’s close to 1 in every 8 people. Bankruptcy is also an issue in Washington. The WA bankruptcy rate is now 0.47%, which means there are 31,605 bankruptcies each year.
Any Washington debt consolidation specialist you chat with will want to know how much debt you have that’s non-secured. That means it is not leveraged by any equity. The most common reasons for unsecured debt are credit card bills, rent/mortgage payments, hospital fees, and other revolving credit accounts. Ideally, approximately 30% of your income will be allocated toward repaying debt. These debts include credit card bills, loans, and rent or mortgage payments. Let’s consider what this means for the average consumer in Washington:
- Income Per Year: $45,021
- Per-Month Income: $3,752
- Ideal Debt Load: $1,351
- Excessive Debt Load: $1,876
Is your debt load in excess of 50%? Then you need to contact a debt consolidation consultant in Washington.
Finding The Right Debt Consolidation Firm in WA
So long as you are dealing with a good firm, debt consolidation can certainly help. However, you should steer clear of any companies in Washington that advertise that they are able to:
- End all calls from collectors
- Ensure the elimination of credit card debts
- Bill you ahead of time for their expertise
Remember, being a not-for-profit does not always mean that a debt relief or debt management firm is legitimate. If you call us today for a totally free assessment, you can be more certain that you will be matched up with one of the more trustworthy debt consoldiation services your area.
If your credit card issuers accept your WA State debt management plan, you will get to enjoy lower interest levels, penalties, and lower monthly payments. One of the debt specialists we work with can analyze your finances and tell you how much you could save.