Of the 13,461 credit card holders in Mount Sterling, 1,481 can only afford to make their minimum credit card payments. Wouldn’t you like to be debt-free? Debt consolidation may help. Consolidation may be used in relation to one of two different types of consolidating debt:
- Debt Management Programs (DMP’s)
- Debt Consolidation Loans
Don’t delay. See how much a debt consolidation company in Mount Sterling, KY, could help you save.
Mount Sterling (KY) Debt Management
The most popular type of debt consolidation in Mount Sterling, KY, entails the management of debt through a DMP. A DMP has quite a few benefits:
- Only One Payment Per Month
- Decreased Interest Levels
- Less Penalty Fees
Moreover, DMP’s are one of the least expensive ways to consolidate debt in Mount Sterling, KY, only $25-40 each month.
Mount Sterling (KY) Debt Consolidation Loans
Debt consolidation loans are used to pay down your credit cards and other debts at a considerably better interest rate.
The benefits of debt consolidation loans in Mount Sterling, KY, are similar to those of debt management plans, which include single monthly payments, hardly any calls from collections companies, and less expensive rates of interest.
When you get a loan that’s been backed by collateral, there may be tax advantages. On the other hand, if you go into default on a loan like this, the lender could take your home. Talk to a debt consolidation specialist in Mount Sterling, KY, to learn which approach will be best for you.
Consolidating Payday Loans: Mount Sterling (KY)
Payday loans have been becoming more common as a result of the economic climate. It’s estimated that 919 residents of Mount Sterling get payday loans regularly, and roughly 404 of these loan takers wind up being unable to pay off their payday loans. That is quite a few folks who should consider consolidating payday loans in Mount Sterling, KY! Thankfully, we work with Mount Sterling KY payday loan consolidation companies who can assist you to:
- Bring down exorbitant payday advance interest rates.
- Handle debt collector calls.
- Combine multiple payday advances.
- Establish a plan for getting out of payday debt.
Do you want to find out more or learn how to lodge a complaint against a cash advance lending company in your area? Have a look at cash advance laws in Kentucky.
Do You Need Debt Consolidation?
Preferably, around 30% of your income will be invested in paying back what you owe. Such debts include things like everything you owe, whether secured or not:
- Credit Card Payments
- All Loans
- Rent or Home Loan Payments
Let’s suppose you make $2,771 monthly, which is the average for Mount Sterling residents, then, in a perfect world, you would spend less than $1,025 each month. Unfortunately, many Mount Sterling residents have substantial debt, with debt-to-income ratios of more than 50%. That means they are having to spend more than $1,413 every month!
If your DTI is over 50%, it is high time to talk with a debt consolidation consultant in Mount Sterling, KY.
Debt Consolidation Agencies: Mount Sterling (KY)
- KY Credit Counseling Service? Contact us!