If you are finding it difficult to repay your debts, combining your credit lines into just one payment each month might be the answer.
Whether you elect to go with with a loan or without one, you should repay 100% of what you owe, but you’re going to only have one payment amount. A trained debt consolidation professional can determine which option is ideal for you.
There are approximately 3,275 people in Fort Thomas in need of debt consolidation, and most would benefit from a debt management plan more than anything else.
A DMP has many advantages:
- Lower Monthly Payment
- Cheaper Interest
- Fewer Late Charges
In addition, these types of programs are usually pretty cost-effective.
Fort Thomas, KY Debt Consolidation Loans
As we discussed before, debt consolidation often involves securing a loan which is used to pay off your credit card accounts.
The great number of payments you were delivering to various credit card companies will be consolidated into one single monthly installment, your Fort Thomas debt consolidation loan’s payment.
A lot of consumers aim to repay what they owe with a home equity loan, seeing as there are tax benefits. Then again, because this type of loan is backed by your home, the bank or bank could foreclose on your home if you aren’t making your payments.
Speak with a debt consolidation consultant in Fort Thomas, KY, to determine which strategy will be ideal for you.
Consolidating Payday Loans: Fort Thomas (KY)
Payday loans have been increasing in popularity on account of the financial crisis. There are 39,075 residents of Fort Thomas, and approximately 2,032 get at least one payday advance per year. Alas, around 894 of these consumers find themselves delinquent their payday loans. This is a whole lot of people who may need to consolidate payday loans in Fort Thomas, KY!
Are you past due on a number of payday advances? You’re okay, there are Fort Thomas KY payday loan consolidation services that can consolidate your payday loans with a single payment amount, manage calls from lenders, and greatly reduce the excessively high rates of interest associated with these kinds of loans.
Time to get out of payday debt?
When to Consolidate Your Debt
To determine whether debt consolidation is a good choice for you, you must know the amount of debt you owe in relation to your salary.
In an ideal world, your monthly debt payments should account for less than 33% of your earnings. Such debts include things like credit card bills, loans, and rent/mortgage payments. Consider what this means for a typical consumer in Fort Thomas, KY:
- Income Per Year: $39,570
- Income Monthly: $3,298
- Ideal Debt Load: $1,187
- Excessive Debt Load: $1,649
Of the 29,775 residents of Fort Thomas who have credit cards, 3,275 can only afford to make their minimum monthly payments. Are you one of them?
Debt Consolidation Firms: Fort Thomas, KY
- KY Credit Counseling Service? Contact us!