If you’re struggling to pay back your debts, combining your credit lines and loans into just one monthly payment may relieve some stress.
The word debt consolidation can mean one of two completely different strategies to consolidating debt: debt consolidation loans and debt management plans.
To learn which method fits your needs, talk to a skilled Woodbine debt consolidation professional.
In terms of debt consolidation, Woodbine consumers normally decide to combine their debts into a debt management program.
This DMP offers quite a few advantages:
- Consolidated Payment
- Lowered Interest Rates
- Less Extra Fees
On top of that, this is one of the most affordable methods of consolidating credit and payday loan debt in Woodbine, KY:
- Sign up: $75 or less
- Monthly Fee: $25-50
Woodbine (KY) Debt Consolidation Loans
If you’ve got excellent credit, you might be able to use a debt consolidation loan to pay down what you owe.
The wide array of payments you were submitting to varied banks will be replaced by one simple payment per month – your loan’s payment.
Of course, plenty of experts would agree that enrolling in credit counseling in Woodbine would be a more sensible alternative.
Are you wondering if a debt consolidation loan is best for you?
Woodbine, KY Payday Loans Consolidation
If your payday loan debt has been mounting, it’s not just you. It’s estimated that 1,507 people in Woodbine get cash advances on a regular basis, and around 663 of these applicants end up going delinquent on their payday loans. That is almost half! Luckily, we work with payday loan consolidation agencies in Woodbine, KY, who will help you:
- Trim down excessively high cash advance interest rates.
- Take debt collector calls.
- Combine multiple payday cash loans.
- Set up a plan for payment.
Hoping to consolidate your payday loans?
To determine if debt consolidation is right for you, you need to know what your debt-to-income ratio is. If at all possible, approximately 36% of your income will be invested in paying down what you owe. These debts include credit card bills, vehicle/student/payday loans, and rent or home loan repayments. For example, suppose you make $2,115 per month, which is about average average for someone who lives in Woodbine, then, in a perfect world, you would spend roughly $783 each month. Lamentably, many Woodbine residents have severe debt, recognized by debt-to-income ratios of more than 50%. That means they are spending more than $1,058 monthly!
Debt load in excess of 50%? If so, you need to seek the advice of a debt consolidation specialist in your area.
Debt Consolidation Agencies: Woodbine, KY
- KY Credit Counseling Service? Contact us!