Have you been thinking about consolidating the money you owe into one monthly payment? Well then companies that help people just like you consolidate credit card and payday loan debts in Ridgefield, WA.
Typically, debt consolidation will involve repaying your debt in full, which is typically better for your credit ratings in the long run than settling with your creditors for a reduced sum (settlement).
To see which type is best for you, it’s best to talk to a certified Ridgefield debt consolidation agent.
Credit Card Debt Consolidation: Ridgefield, WA
In too many cases, credit cards are as hazardous as they are handy. On the plus side, there are options.
Would you like to get rid of debt in fewer months, with less expensive rates and penalties? Then you might want to sign up for one of the debt management plans in Ridgefield, WA.
These plans, typically managed by a credit counseling firm, make it easier to repay your creditors fully in 36-60 months with a single payment per month. The advantages are substantial: reduced interest rates, monthly payments, and penalty fees. Usually your card issuer starts presenting these benefits as a way to encourage you to repay your debt. What’s more, these programs are generally quite very affordable. Enrollment ought to cost less than $70, and the fee every month will be $25-40.
There are two principal types of debt consolidation loans: unsecured personal loans and loans secured by a home or other property. The second option is most commonplace.
The plethora of checks you were writing to different collectors will be combined into one easy monthly installment, your loan payment. As opposed to other Ridgefield debt consolidation programs, you won’t learn as much about saving money as you would during a debt management plan, nor will your credit card debt be reduced as it would be during Ridgefield WA debt negotiations. Are you wondering if a debt consolidation loan is right for you?
Comparison of Debt Consolidation Loans and Debt Management in Ridgefield
|Question||Debt Management||Consolidation Loan|
|Single Monthly Payment?||Yes||Yes|
|Good Credit Required?||No||Yes|
|Decreased Interest Levels?||Yes||Yes|
|Bad for Credit Ratings?||No||No|
|Collectors Quit Phoning You?||Hopefully||Yes|
|Valuable Asset Required?||No||Yes|
|Could Lose Home?||No||Yes|
|Time Required?||3-6 Years||10-15 Years|
To find out which alternative would suit you best, it is advisable to request a debt evaluation – for free!
Debt Review: Ridgefield, WA
Ideally, only 30% of the income you earn each month ought to be allotted to paying down what you owe. These debts incorporate ones that are secured and unsecured:
- Credit Cards
- Auto, Student, and Payday Loans
- Rent or Home Loan Payments
For example, if you earn $5,052 a month, which is about average average for someone who lives in Ridgefield, then, if possible, you would spend less than $1,819 monthly. Lamentably, many Ridgefield residents are carrying substantial debt, with a debt to income ratio (DTI) of more than 50%. They’re having to spend more than $2,577 each month!
If your debt load each month is more than 50%, you might want to speak with a debt consolidation expert in Ridgefield, WA.
How to Identify Debt Consolidation Ripoffs
In accordance with the FTC, your Ridgefield debt consolidation agency must:
- Clarify how their fees work.
- Tell you how many weeks their programs take.
- Let you know how much you have to have saved before they’re going to speak with each of your creditors.
- Clarify any risk for your credit scores.
Never become a member of a program that has a negative track record.
Debt Consolidation Companies: Ridgefield (WA)
- WA Debt Consolidation Company? Contact us!
Debt Collectors in Ridgefield, WA
- None Listed.