At KY Debt Relief, we could help you combine what you owe into one single payment a month.
Typically, Clay City debt consolidation means enrollment in a debt management program. Your credit card companies must agree to this plan. Commonly they reward your debt consolidation consultant directly, which helps to minimize how much debt consolidation costs for you. Debt consolidation may also refer to getting a home equity loan to pay off your debts.
An experienced debt consolidation expert can tell you which choice is right for you.
Of the 477 people in Clay City in need of some form of debt relief, most of them would benefit from a debt management plan above all else. A DMP has many benefits:
- Only One Payment Per Month
- Cheaper Interest Rates
- Reduced Late Payment Fees
On top of that, DMP’s are one of the most economical methods of consolidating debt in Clay City, KY:
- Registration: $75 or less
- Bill Every Month: $25 to 50
Debt Consolidation Loans in Clay City (KY)
The reason for debt consolidation loans is simple: unsecured personal loans and home equity loans usually have more affordable interest rates than credit cards.
The many payments you were making to various credit card companies will be replaced by one single payment amount – your Clay City debt consolidation loan’s payment.
Of all your debt relief solutions, a debt consolidation loan will have the most positive influence on your credit scores, but these kinds of loans can be risky. You’re effectively fighting fire with fire. If the loan is backed by the value of your loan, think what will happen if you fall behind. If you don’t have a property to collateralize the loan, the rate of interest you have to pay will probably be too expensive to help. To determine if a debt consolidation loan is a good solution, you need to contact a firm that provides debt consolidation in Clay City, KY.
Consolidating Payday Loans in Clay City (KY)
Payday loans have been increasing in popularity due to the economic climate. Of the 5,689 people in Clay City, it’s estimated that 296 end up with at least one payday advance per annum. Lamentably, roughly 130 of these loan takers wind up being unable to pay back their payday advances, which is nearly half! Thankfully, we work with payday loan consolidation companies in Clay City, KY, who will help you consolidate your payday loans with one single payment per month, field calls from collection agencies, and bring down the inflated annual percentage rates affiliated with payday loans.
Isn’t it time to free yourself from payday loan debt?
Evaluating Your Debt: Clay City, KY
In an ideal world, your monthly debts will take up only one third of your wages. Such debts incorporate credit card bills, auto/payday loans, and rent or home loan repayments. If you earn $1,913 per month, which is about average average in Clay City, then, in a perfect world, you would spend no more than $689 per month. Sadly, many Clay City residents are in considerable debt, indicated by debt-to-income ratios (DTI) of more than 50%. That means they are shelling out more than $976 every month!
If your DTI is more than 50%, you should talk with a debt consolidation specialist in Clay City, KY.
Debt Consolidation Regulations: Clay City (KY)
How can you determine if a debt consolidation firm in Clay City, KY, is trustworthy or not? Be wary if they charge fees ahead of time, don’t divulge fundamental details or savings necessary for consolidation, or require you to open a bank account from which you cannot withdraw money without being charged.
Please don’t sign up for a debt consolidation program in Clay City that has a negative track record, and to acquire more information, review the FTC information in our blogroll.
Credit Card and Payday Loan Debt Consolidation Providers in Clay City (KY)
- KY Credit Counseling Service? Contact us!