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Is Debt Consolidation Good for You?

debt-consolidationWhether or not debt consolidation is going to be a good option for you is really going to come down to a few different factors. While it can be a great choice for many people, it is not going to be a positive option for everyone. You basically want to go down the road of consolidating your debt if you can find someone who will package all of your loans together in a manner that lowers your monthly payments. While you may end up paying more over the long term with your switch, sometimes it takes lower monthly payments just to get your financial life under control. In certain situations, you may actually be able to lower your monthly payments and actually pay less over the long term. If you can get a lower rate of overall interest on all of your loans through consolidation, then you should definitely go for it.How it Works The way New York debt consolidation loans work is that you will contact a consolidation specialist and tell them that you would like your loans repackaged into one monthly fee. The consolidation expert will take a look at your loans and your credit score to see if you two can work something out. If they think that you will be able to pay back your loans eventually, then they may take you on as a client and repackage your loans. Loan consolidation providers are usually rather open about who they will accept, so you should definitely apply for help if it is offered to you. You will have to see what kinds of terms are offered by different consolidation offices because different firms will be able to give you better deals.

Credit Card Consolidation Loan

The New York credit card consolidation loan is one of the more popular forms of consolidated loans these days because many people have problems when it comes to late credit card payments. Anyone who has multiple credit cards that they are having trouble paying back should definitely think about consolidation. If you consolidate all of your credit card debt into one new loan, you will be able to set a new set rate of interest for everything and perhaps lower your monthly payments. This can be extremely helpful when it comes to paying off debt because the main problem that many people run into is that they simply do not make enough money to pay off their credit cards each month. Debt Consolidation Advantages There are many advantages to look at when it comes to consolidation, but you will have to take things on a case by case basis to see if it will be the right choice for you. The main advantage that you can get through consolidation of your debts comes in the form of lower monthly payments, but you still need to be careful about how much money you are paying over the long term. The amount that you pay on a monthly basis can still add up over time, so make sure that you keep the big picture in mind. Another small advantage that is very helpful for some individuals is the fact that you can put all of your debts into one monthly payment. Instead of tracking all of your debts separately, you just get one bill with one payment on a monthly basis after your debt has been consolidated.

If you are interested in getting more information on whether or not Debt Consolidation could work for your situation, then you should contact us today. We are more than happy to look over everyone’s situation to see if we will be able to restructure anyone’s debt into a more realistic monthly payment. If you have found yourself in a mountain of debt and just need someone to help you out, then you should definitely contact us as soon as possible. You are only hurting yourself over the longer term by waiting for someone to come rescue you. If you reach out to us, we will do our best to turn your mountain of debt into something that you will be able to pay off in time.





How To Get Bad Credit Consolidation Loans?

It’s understandable that people with seriously bad debt problems would be tempted to just give up and file for bankruptcy. While a chapter 7 bankruptcy (the most popular type) can be used to dismiss most unsecured debts, it will leave a serious stain on the person’s credit report. Two of the three credit reporting bureaus will actually keep a bankruptcy in a person’s credit file for 10 years. Plus, bankruptcies are a public record meaning that they will stay with a person throughout his or her entire life.

bad credit loans

Why a debt consolidation loan can be a better alternative

A debt consolidation loan can be a better solution than bankruptcy as it can help improve a person’s credit score. It’s also a fairly simple way to handle debt because it will turn multiple monthly payments into just one payment that should have a reduced interest rate. Debt consolidation loans also have longer terms than most other debts. As an example of this, an unsecured loan would most likely have a term of five or seven years and a secured loan might have terms of 15 years or 30 years.

Consolidation loans for people with bad credit

People who have a bad credit record or credit score can also get bad credit consolidation loans. It may be possible to get one of these loans from a local financial institution but most people turn to the Internet. There are online companies that specialize in bad credit consolidation loans. some of which are peer-to-peer lenders, that is the loans are made from a person or group of people to another individual with no financial institution involved. Examples of this type of lender include www.prosper.com, www.lendingclub.com and www.peer-lend.com. Most of these lenders will loan money to people with bad credit but these loans can come with fairly high interest rates. LendingClub advertises debt consolidation loans up to $35,000 with interest rates ranging from 6.78% to 27.99%. And Prosper.com has debt consolidation loans up to $25,000 with interest rates that vary from5.65% to 35.64%. As you might imagine, people with bad debt are likely to get interest rates on the high end of this spectrum, rather than at 5.65%.

Another form of debt consolidation

The company Fast Track Debt Relief (www.fasttrackdebtrelief.com) advertises that it can also consolidate debts into one easy monthly payment. However, it does not do bad credit consolidation loans but instead offers a debt relief program that can help people become debt free in 24 to 48 months. Debt is not a factor for this company. In other words, it will help people no matter how bad their credit might be.

Bad credit consolidation through debt settlement

Another option for people with bad credit is to consolidate their debts through debt settlement. This is where the person contracts with a debt settlement company to negotiate with his or her creditors to get balances reduced. In most cases, a professional debt settlement company will save its clients thousands of dollars by reducing the balances on the unsecured debts by as much as 40% or even 50%. This, too, can help peoplebecome debt free in 24 to 48 months. However, it’s important to understand that debt settlement isn’t for everyone. A person must owe $10,000 or more and be at least six months behind in their payments for debt settlement to be a viable option.

How debt settlement consolidates loans

That settlement consolidate loans in the sense that once all of a person’s creditors accept all of the debt settlement company’s offers, the person will no longer be required to pay them. Instead, it will send the debt settlement company one payment a month until the settlement plan has been completed.