If you’re researching Oak Harbor debt consolidation assistance, we can guide you.
If you go to a debt consolidation expert, it will be possible to combine your credit card debt under a debt management plan, or DMP. Your debt consolidation consultant will obtain benefits from your creditors, such as reduced annual percentage rates, waived fees and penalties, and more affordable payments per month.
Consolidating debts also can infer loans that substitute your credit card debt with collateralled debt. Want to get out of credit card debt? Locate a debt consolidation agency in Oak Harbor, WA. Today!
The expensive interest rates we’ve come to expect from credit cards can result in considerable debt. Luckily, there are solutions.
Oak Harbor consumers normally elect to consolidate their unsecured debts within a debt management plan.
Debt management plans, ordinarily provided by a credit counseling company, will allow you to repay your creditors entirely over time through one easy monthly payment, not to mention decreased interest levels, payments, and fees. Almost always your card issuer starts providing these benefits because it will cost them more money if you default. Also, this is one of the least expensive strategies for consolidating debt in Oak Harbor, WA, just $25-40 a month.
Debt Consolidation Loans: Oak Harbor, WA
A debt consolidation loan may cut costs in the end because unsecured loans and home equity loans typically come with lower interest rates than credit cards. The benefits of debt consolidation loans in Oak Harbor, WA, mirror those of debt management programs:
- Reduced Calls from Collectors
- More Affordable Rates
- Consolidated Debt
Given that your old credit card debts will be cleared, your FICO scores should not go down. Of all the strategies for debt consolidation in Washington, getting a debt consolidation loan will have the most positive effect on your credit scores. That being said, it can be costly. If the loan is secured by the value of your loan, don’t forget what happens if you go into default.
Chat with a debt consolidation professional in Oak Harbor, WA, to determine which debt relief solution will be right for you.
Comparing Debt Consolidation Loans and Debt Management in Oak Harbor
|Questions||Debt Management||Consolidation Loan|
|One Monthly Payment?||Yes||Yes|
|Good Credit Required?||No||Yes|
|Interest Rates Lowered?||Yes||Yes|
|Damaging to Credit Ratings?||No||No|
|Collectors Stop Calling You?||Somewhat||Yes|
|Will Need Collateral?||No||Yes|
|Risk of Foreclosure?||No||Yes|
|How Long?||3-6 Years||10-15 Years|
|Better Than Bankruptcy?||Yes||Yes|
To decide which alternative would fit your needs, it’s essential to request an evaluation of your present debt – at no charge!
Debt Settlement vs Consolidation: Oak Harbor, WA
Debt consolidation and settlement are different ways of getting free from debt. Debt settlement leads to a real elimination of part of what you owe.
Examine the chart below to determine which approach fits your needs.
|Question||Debt Consolidation||Debt Settlement|
|One Payment Amount?||Yes||Yes|
|Free Financial Counseling Offered?||Yes||Yes|
|Outstanding Balances Reduced?||No||Yes|
|Will Help with Past Due Loans?||Possibly||Yes|
|Detrimental to Credit Scores?||No||Yes|
|Debt Collectors Forced to Quit Phoning You?||No||No|
|Valuable Asset Needed?||No||No|
|Appropriate for Physicians Bills?||Yes||Yes|
|Suited to Communal Property Debt?||No||No|
|Suitable for Payday Advances?||Yes||Yes|
|Suitable for Business-Related Debt?||Yes||Yes|
|Can Lenders Sue You?||Yes||Yes|
|Better Than Bankruptcy?||Yes||Yes|
|Adverse Tax Consequences?||No||Yes|
|Can Pay Off One Among Many Accounts?||Maybe||Yes|
|Signed Contract Mandatory?||Yes||Yes|
To decide which approach would suit you best, it is best to chat with a trained debt specialist – at zero cost!
Debt Analysis: Oak Harbor, WA
To determine whether or not debt consolidation suits you, you need to know the relation of debt to income. Ideally, no more than 33% of your income would be devoted to paying down debts. Such debts include ones that are secured and unsecured:
- Credit Card Payments
- Any Loans
- Rent or Home Loan Payments
Here’s how this works for the average individual in Oak Harbor, WA:
- Annual Income: $20,945
- Income Each Month: $1,745
- Ideal Debt Load: $628
- Excessive Debt Load: $873
Do you have more than $10,000 in credit card debt? In that case, you really should talk to a debt consolidation expert near you.
Debt Consolidation Programs: Oak Harbor, WA
- WA Debt Consolidation Company? Contact us!
Debt Collectors: Oak Harbor (WA)
- Credit Bureau of Island County, Inc., 1175 SE Ireland St., Suite 201, 98277-4081