We connect residents of Lancaster, KY, with debt consolidation professionals who help them:
- Consolidate their payments
- Reduce their rate of interest
- Limit collection agency calls
Some programs entail debt consolidation loans, and others don’t. Either way, you should repay 100% of your debt, but you should only have one monthly payment.
To find out which type is right for you, you should chat with a certified Lancaster debt consolidation agent.
Debt Management Plans (DMP’s) in Lancaster, KY
When it comes to debt consolidation, Lancaster residents generally choose to combine their credit card and/or payday loan debts under a debt management program.
This DMP provides many benefits:
- Single Payment Per Month
- Reduced Interest Rates
- Forgiven Extra Fees
If you are looking for a debt consolidation program in Lancaster, KY, this is among the most economical ways to go.
Debt Consolidation Loans in Lancaster, KY
If you’ve got a favorable credit record, you can probably use a debt consolidation loan to pay off your credit balances.
Normally, a debt consolidation loan will lead to lower payments and fewer calls from debt collection agencies. After all, your previous debts will have been cleared.
Of all your debt relief solutions, getting a debt consolidation loan has the best effect on your credit score. Then again, it can be high-risk. You are exchanging one sort of debt for another. If the loan is collateralized by the value of your loan, think what happens if you go into default.
Speak to a debt consolidation specialist in Lancaster, KY, to see which debt relief option is right for you.
Consolidating Payday Loans in Lancaster (KY)
The exorbitant rates of interest associated with payday loans in Lancaster, KY, mean that payday debt increases at a surprising rate. It’s estimated that 641 residents of Lancaster get payday cash advances regularly, and roughly 488 of these individuals have at least two different payday loans. How many is that in terms of percentage? It’s over 75%!
Are you delinquent on at least two payday loan? No worries, we can help you find Lancaster KY payday loan consolidation agencies that will consolidate your Lancaster payday loans into just one payment amount, manage phone calls from collectors, and scale back the extortionate interest percentage attached to these sorts of loans.
Want to read more about payday loan laws and regulations in Kentucky? Go here payday loan laws in KY.
Debt consolidation firms in Lancaster, KY will need to find out how much debt you’ve got that is non-secured. This means it is not supported by some form of equity. The most common types of debt on a monthly basis are credit cards, payday loans, rent or mortgage payments, medical expenses, and department store cards. In a perfect world, no more than 33% of your income will be devoted to paying off debts. Such debts include things like both secured and unsecured debts:
- Credit Card Accounts
- Any Loans
- Rent or Home Loan Payments
For example, if you make $1,443 a month, the average for Lancaster residents, then, ideally, you would spend around $519 every month. Lamentably, many Lancaster residents are carrying serious debt, indicated by a debt to income ratio (DTI) of more than 50%. They’re shelling out more than $736 every month!
If your ratio of debt to income is over 50%, you need to speak with a debt consolidation professional near you.
Credit Card and Payday Loan Consolidation Agencies in Lancaster (KY)
- KY Credit Counseling Service? Contact us!