Are you considering consolidating the money you owe? Particularly, unsecured debts related to:
- Credit Cards
- Surgical Bills
- Payday Loans
Well then you might want to enlist the services of a debt consolidation company in Covington, KY.
There are two different kinds of debt consolidation solutions: with and without a loan involved. In both cases, you need to have a stable income source.
To determine which type is right for you, speak to a certified Covington debt consolidation advisor.
Covington (KY) Debt Management
There are approximately 10,779 people in Covington who qualify for debt consolidation of some type, and most would be best served by a debt management plan. These plans, typically affiliated with one of the credit counseling agencies in Covington, KY, allow you to repay all the money you owe in 3-5 years through a single monthly payment. The benefits are substantial: lower interest rates, monthly payments, and service fees. Almost always your creditors begin presenting these benefits following 90 days of on-time payments. Additionally, these types of plans are generally pretty reasonably priced. Enrolling should cost around $70, and the bill every month will be $25-40.
Debt Consolidation Loans in Covington, KY
If you decide to take out a debt consolidation loan in Covington, KY, you will use the money to pay off your existing debts. Needless to say, the loan must still be repaid. As opposed to mailing payments to various credit card companies each month, you’ll need to worry about your monthly debt consolidation loan payment. Needless to say, you’ll need terrific credit to get such a loan, and it may take longer to pay back this loan than it would you credit cards.
Speak to a debt consolidation professional in Covington, KY, to check which strategy will be best for you.
Consolidating Payday Loans: Covington, KY
The outrageous rates attached to payday loans in Covington, KY, mean that payday debt climbs at a surprising rate. There are 128,597 residents of Covington, and we estimate that 6,687 apply for and obtain at least one payday loan per annum. Alas, roughly 5,082 of these borrowers have got at least one more payday loan – this is upwards of 3 out of every 4 payday customers! Thankfully, there are Covington KY payday loan consolidation services that will consolidate your payday loans with just one monthly payment, take telephone calls from lenders, and minimize the excessively high rates of interest that come with these kinds of loans.
Isn’t it time to consolidate your payday loans?
In a perfect world, about 33% of your income will be invested in paying back what you owe. Such debts include everything you owe, whether secured or not:
- Credit Card Accounts
- Vehicle, Student, and Payday Loans
- Rent or Home Loan Payments
For example, if you earn $2,462 monthly, about average average for Covington residents, then, ideally, you would spend around $911 each month. Unfortunately, many Covington residents are carrying considerable debt, indicated by debt-to-income ratios (DTI) of 50% or more. They’re forking out more than $1,231 every month!
Of the 97,991 credit card holders in Covington, 10,779 can hardly afford to make their monthly minimums. Does that sound like you?
Credit Card Debt Consolidation Policies
As outlined by FTC guidelines, any Covington debt consolidation company has to fully explain:
- Fee scheme.
- How long until they get in touch with each lender.
- How much must be saved before they’ll reach out to each creditor.
- How their program will affect your credit score.
Be sure to investigate any Covington credit card debt consolidation company prior to registering.
Debt Consolidation Firms: Covington, KY
- Vandyke Wolff, Loren Attorney – Wolff Law Firm, PLLC, 118 W 5th St, 41011