If you have been under pressure to pay off your debts, consolidating your credit card accounts into a single monthly payment may make your life a good bit easier. Consolidation can mean two completely different forms of consolidating debt:
- Consolidating debt into a debt management program, or DMP.
- Consolidating debt under a new loan.
To learn which type meets your needs, speak with a skilled Owingsville debt consolidation advisor.
In most cases, Owingsville residents elect to combine their unsecured debts under a debt management program. Debt management plans, normally affiliated with one of the credit counseling agencies in Owingsville, KY, enable you to repay everything you owe in 3-5 years with one easy payment per month, not to mention more affordable interest rates, installments, and extra charges. Normally your creditors start providing these perks following three straight installments are received.
Also, these types of programs are generally pretty inexpensive. Enrolling should cost less than $75, and fees each month $25-40.
Debt Consolidation Loans in Owingsville (KY)
As we discussed before, debt consolidation may involve obtaining a loan to pay down your credit card accounts and other debts. As opposed to submitting checks to a range of credit card providers each month, you will only be responsible for your monthly debt consolidation loan payment.
If you want to profit from a debt consolidation loan, you need to get low rates of interest. This takes good credit.
Consult a debt consolidation expert to learn which solution is ideal for you.
Consolidating Payday Loans in Owingsville, KY
On account of the financial crisis, many more Kentucky borrowers have been turning to payday loans. Of the 6,026 people in Owingsville, roughly 313 apply for and get one or more payday advance every year. Unfortunately, nearly 138 of these debtors are unable to pay back their payday advances, which is quite a lot of consumers who may need to consolidate their Owingsville payday loans!
Thankfully, there are payday loan consolidation firms in Owingsville, KY, who will help you consolidate your payday loans with just one payment amount, manage phone calls from collection agencies, and limit the excessively high rates of interest that come with these sorts of loans.
Want to find out more about payday loan regulations in Kentucky? For additional information, go to this site.
Do You Need Debt Consolidation?
Ideally, your monthly debts will comprise roughly one third of your earnings. Such debts include things like credit card bills, loans, and rent/mortgage payments. If you make $2,361 monthly, which is the average in Owingsville, then, in a perfect world, you would spend no more than $850 per month. Having said that, many Owingsville residents are in severe debt, indicated by a debt to income ratio (DTI) of 50% or more. That means they are having to spend more than $1,181 monthly!
If your debt load each month is greater than 50%, it is high time to contact a debt consolidation specialist in your area.
Debt Consolidation Scams: Owingsville (KY)
According to the FTC, your Owingsville debt consolidation firm must provide you with the following information before you register for their program:
- Payment scheme.
- How long their program takes.
- How much must be saved before they’ll speak with your creditors.
- The negative effect on your credit score.
Don’t forget to investigate your Owingsville debt consolidation firm prior to registering. For more information, have a look at the following FTC regulations.
Consolidation Programs: Owingsville (KY)
- KY Credit Counseling Service? Contact us!