At KY Debt Relief, we connect residents of Shepherdsville, KY, with debt consolidation specialists whose sole objective is to:
- Lower their payment amounts
- Bring down or freeze their rate of interest
- Decrease debt collection calls
There are two specific kinds of debt consolidation programs: some involve loans, but most don’t. In each case, you need to have a steady source of income.
To understand which type fits your needs, you should contact a licensed Shepherdsville debt consolidation specialist.
Debt Management (DMP’s): Shepherdsville (KY)
Would you like to pay off your credit card debt faster, with reduced annual percentage rates and fees and penalties? Then you might want to take part in a debt management plan.
Debt management plans, usually associated with a credit counseling firm, enable you to pay off everything you owe with one easy payment per month, as well as more affordable rates of interest, installment payments, and penalty fees. Almost always your card issuers or lenders begin providing these benefits after three straight payments are received. If you are searching for a debt consolidation program in Shepherdsville, KY, this is one of the most affordable options.
Shepherdsville, KY Debt Consolidation Loans
When you apply for a debt consolidation loan in Shepherdsville, KY, the the borrowed amount is used to repay your existing debts. You still have to pay off the loan, but the rate of interest will probably be more beneficial.
The multitude of payments you were submitting to different creditors will be combined into one payment each month – your Shepherdsville debt consolidation loan payment.
Of all the available debt relief programs, getting a debt consolidation loan will have the best impact on your credit rating. Having said that, it can be risky. You are swapping one kind of debt for another. If the loan is collateralized by your home’s equity, don’t forget what happens if you fall behind. If you don’t have a property to collateralize the loan, the interest rate may be too high. Is a debt consolidation loan right for you?
Consolidating Payday Loans in Shepherdsville, KY
Many Shepherdsville residents owe payday loans to an array of creditors. Of the 26,827 people in Shepherdsville, around 1,395 obtain one or more cash advance annually. Lamentably, something like 1,060 of these consumers are borrowing over and over again on the original amount. That’s simply shocking, right? It’s more than 75%!
Are you past due on one or more pay day loans? That’s alright, we can help you find Shepherdsville KY payday loan consolidation companies that will consolidate your Shepherdsville payday loans into one single monthly payment, field calls from loan companies, and reduce the excessively high rates of interest associated with these kinds of loans.
Do you want to read additional info on payday loan laws and regulations in Kentucky? Visit here Kentucky cash advance guidelines.
Analyzing Your Debt: Shepherdsville, KY
Ideally, about 30% of your income will be allotted to paying off what you owe. These debts incorporate everything you owe, whether secured or not:
- Credit Cards
- All Loans
- Rent or Home Loan Payments
For instance, say you earn $3,741 a month, which is the average for Shepherdsville residents, then, in a perfect world, you would spend no more than $1,347 per month. Unfortunately, many Shepherdsville residents are in major debt, with a debt to income ratio of 50% or higher. That means they are forking over more than $1,871 monthly!
If your ratio of debt to income is higher than 50%, it is time to contact a debt consolidation expert in Shepherdsville, KY.
Credit Card and Payday Loan Debt Consolidation Agencies in Shepherdsville, KY
- KY Credit Counseling Service? Contact us!