If you are finding it hard to pay off your debts, combining your credit cards and non-secure credit into a single monthly payment may relieve some stress. If you go to a debt consolidation company in Columbia, you might be able to combine your debt into a plan for managing debt, referred to as a DMP. Your advisors will work to secure benefits from your creditors, such as cheaper interest rates, waived fees, and smaller payments per month.
Consolidation can also refer to home equity loans that substitute your credit card debt with collateralized debt.
To find out which type is best for you, speak with a licensed Columbia debt consolidation advisor.
Debt Management: Columbia (SC)
The high rates of interest we’ve come to expect from credit cards can result in substantial debt. Thankfully, you have options. There are approximately 24,515 people in Columbia who could benefit from debt consolidation, and most of them would be best served by a debt management plan.
This sort of debt consolidation has quite a few benefits:
- Lower Payment
- Decreased Annual Percentage Rates
- Waived Penalties
If you’re searching for a debt consolidation program in Columbia, SC, this is one of the most inexpensive ways to go.
Columbia (SC) Debt Consolidation Loans
Loans for debt consolidation are used to pay off your credit lines and other debts at a more desirable rate of interest.
As opposed to posting payments to a range of debt collectors each month, you’ll need to worry about your monthly debt consolidation loan payment.
A lot of folks look to pay back they debts they’ve accrued with home equity loans, as there are tax advantages. That said, since this sort of loan is leveraged by your own home, the bank or loan provider could foreclose on your home if you aren’t making your payments.
Consult a debt consolidation professional in Columbia, SC, to check which debt consolidation solution will be ideal for you.
Debt Consolidation in Columbia: Management vs Loans
|Question||Debt Management||Home Equity Loan|
|One Payment Per Month?||Yes||Yes|
|Good Credit Required?||No||Yes|
|Detrimental to Credit Report?||No||No|
|Debt Collectors Cease Contacting You?||Sometimes||Yes|
|How Much Time?||3-6 Years||10-15 Years|
|Preferable to Bankruptcy?||Yes||Yes|
To determine which option meets your requirements, you need to speak to a trained debt specialist.
Debt Consolidation vs Debt Settlement in Columbia, SC
Debt consolidation and settlement are different ways to get rid of debt. Unlike debt consolidation, debt settlement is an intense series of discussions that leads to a significant reduction in the debt.
Take a look at the list below to figure out which approach meets your requirements.
|Question||Debt Consolidation||Debt Settlement|
|Single Payment Per Month?||Yes||Yes|
|Credit Balances Reduced?||No||Yes|
|Decreased Interest Rates?||Yes||No|
|Detrimental to Credit?||No||Yes|
|Collectors Have to Quit Phoning You?||No||No|
|Will Need a Valuable Asset?||No||No|
|Works for Private Student Loans?||Yes||No|
|Works for Hospital Bills?||Yes||Yes|
|Works with Community Property Debt?||No||No|
|Suited to Payday Advances?||Yes||Yes|
|Suitable for SMB Debt?||Yes||Yes|
|Suited to Modest Debts?||Yes||Yes|
|Can Companies File a Claim Against You?||Yes||Yes|
|Preferable to Bankruptcy?||Yes||Yes|
|Can Repay One of Multiple Accounts?||Maybe||Yes|
|Signed Contract Mandatory?||Yes||Yes|
To decide which alternative suits you best, we recommend you request an evaluation of your existing debt.
Columbia, SC Payday Loans Consolidation
Thanks to the economic climate, a lot more South Carolina consumers have been turning to payday loans. About 15,208 residents of Columbia get cash advance loans one or more times per year, and something like 6,692 of these applicants end up not being able to pay back their cash advance loans, which is almost half! Thankfully, we work with Columbia SC payday loan consolidation companies that will help you consolidate your payday loans with just one monthly payment, take phone calls from loan companies, and decrease the excessively high loan rates on these kinds of loans. Need to get out of payday debt?
Columbia Debt Budgeting
In an ideal world, the amount of debt you owe monthly ought to comprise roughly 33% of what you make. Such debts include credit cards, car/payday loans, and rent or home loan repayments. Why don’t we have a look at how this works for the average resident of Columbia, SC:
- Income Yearly: $12,055
- Income Each Month: $1,005
- Optimal Debt Load: $362
- Serious Debt Load: $503
How bad is credit card debt in Columbia, SC? We estimate that 24,515 of Columbia’s 292,470 residents are looking for debt relief.
Looking for a Debt Consolidation Business in Columbia, SC
Unfortunately, our industry has over the years been beset by sketchy businesses. However, we help you pick which debt consolidation services in Columbia are legit.
As per FTC guidelines, your Columbia SC debt consolidation organization is required to:
- Fully describe their fee scheme.
- Say how long their programs take.
- Inform you of how much you must save before they’re going to connect with each credit card company.
- Clarify how their system may threaten your credit ratings.
It is dangerous for you to settle on your service randomly. You ought to consult friends or colleagues who have worked with agencies you’re considering. On the other hand, you can request a debt assessment – it’s totally free.
Debt Consolidation Firms: Columbia, SC
- American Best Credit Repair Services, 6236 Saint Andrews Rd, 29212
- Clear Credit, 5223 Two Notch Rd, 29204
- Consumer Credit Counseling Service, 1800 Main St, 29201
- Credit Counselors, 810 Dutch Square Blvd, 29210
- Credit Repair, 7356 Garners Ferry Rd, 29209
- Credit Solutions, 5741 Farrow Rd, 29203
- First Virginia Credit Services, 250 Berryhill Rd, 29210
- Freedom Finance Inc, 1307 Assembly St, 29201
- Freedom Financial Services, 4429 Broad River Rd, 29210
- Life Without Debt, 103 Tee Ct, 29212
- Michael J Cox Attorney at Law L L C, 1619 Sumter St, 29201
- National Debt Management Service, 2014 Taylor St, 29204
- Premier Credit Solutions, 2611 Forest Dr, 29204
- Prosperity Exchange Financial Services, 1 Windsor Cv, 29223
- Save Your Home, 1529 Horseshoe Dr, 29223
- Carolina Home Mortgage Group, 125 Executive Pointe Blvd, 29210
- A American Debt Counseling, 1010 Gervais St, 29201
- Prestige Professional Management, LLC, , 29002
- S and K Financial Service, 2410 Sea Gull Ln, 29203
- Innovative Credit Solutions, 1009 Ferguson St, 29201
- Lost Tree Recovery Service, 6 Lost Tree Ct, 29223
Debt Collections Agencies: Columbia (SC)
Sick and tired of being harrassed by Columbia collection agencies? Debt consolidation often leads to fewer calls from debt collectors, as you can ask that your lenders get in touch with your consolidation company instead.
- Alliance Collection Services, 3608 Landmark Dr Ste E, 29204-4037
- AMCOL Systems, Inc., 111 Lancewood Rd, 29210-7523
- Capital Collection Services, Inc., 3850 Ferandina Rd, 29210
- Receivable Solutions, Inc., 4700 Forest Dr., Suite 107, 29206
- Receivables Management Corp., 1601 D. Shop Road, 29201-4855