Are you considering consolidating your debts? Well then agencies that help clients just like you consolidate credit card and/or payday loan debts in Georgetown, KY.
You’ll find a couple of distinct types of debt consolidation strategies: some entail loans, most do not. In each case, you need to have a consistent income source.
To learn which type fits your needs, contact a skilled Georgetown debt consolidation professional.
Debt Management Plans: Georgetown, KY
In most cases, Georgetown residents elect to consolidate their debts into a debt management program. This DMP offers quite a few advantages:
- Just One Monthly Payment
- Reduced Interest Rate
- Forgiven Penalty Fees
If you’re searching for a debt consolidation program in Georgetown, KY, this is among the least expensive ways to go.
Debt Consolidation Loans in Georgetown, KY
Debt consolidation loans come in two varieties: unsecured loans and loans collateralized by your home. The latter is most prevalent. If you get a debt consolidation loan in Georgetown, KY, you should benefit from cheaper payments and a fewer number of calls from debt collectors, simply because your original debts will have been paid in full.
A lot of folks aim to repay the money they owe with home equity loans, as there are tax advantages to doing so. That said, since this type of loan is backed by your house, the bank or loan company could foreclose on your home if you aren’t making your payments. Talk to a debt consolidation consultant in Georgetown, KY, to figure out which option is ideal for you.
Payday Loans Consolidation in Georgetown (KY)
Payday loans have been increasing in popularity as a result of the economic climate. It’s estimated that 1,483 residents of Georgetown get cash advance loans fairly often, and nearly 1,127 of these borrowers wind up getting another payday loan. Can you believe it? It’s around 3 in every 4 people who get one of these loans! Luckily, there are Georgetown KY payday loan consolidation companies who can assist you to consolidate your Georgetown payday loans with one single payment per month, field calls from debt collectors, and scale back the outrageous rates of interest you can expect from these sorts of loans.
Need to break free from payday debt?
Ideally, about 33% of your income will be invested in repaying what you owe. These debts include things like credit cards, loans, and rent/mortgage repayments. Let’s take a look at what this means for the average consumer in Georgetown, KY:
- Income Per Year: $48,322
- Income Monthly: $4,027
- Recommended Debt Load: $1,450
- Excessive Debt Load: $2,014
If your monthly debt cost is greater than 50%, you need to speak to a debt consolidation specialist in your area.
Tip-offs of Debt Consolidation Fraud in Georgetown (KY)
Steering clear of unethical debt consolidation companies isn’t difficult, if you know how to identify a rip-off. Keep clear of any suppliers that:
- Want you to pay upfront
- Won’t provide you with testimonials
- Aren’t accredited
- Advertise thata they don’t impact your FICO ratings
- Assert that federal programs will get you out of debt
- Won’t provide you with how their service works
- Has an unfavorable Better Business Bureau (BBB) record
You should always investigate any Georgetown debt consolidation firm prior to signing up.
Debt Consolidation Programs in Georgetown (KY)
- QCS, 105 Kingston Dr, 40324