Of the 10,325 credit card holders in Lake City, 1,136 can only afford to make their minimum credit card payments. Does that sound like you? Debt consolidation in SC can help.
To begin, all you have to do is contact us. We can match you to a debt consolidation consultant taking into account your location, your debt profile, and other variables.
Credit cards may be a handy way to pay for things. However they can easily bring about staggering debt. Luckily, there are options.
Most often, debt consolidation in Lake City, SC, involves working with a professional to manage debt through a DMP.
A debt management plan has quite a few benefits:
- Single Monthly Payment
- Less Expensive Interest Rates
- Less Late Charges
Additionally, DMP’s are one of the most affordable strategies for consolidating debt in Lake City, SC.
Lake City, SC Debt Consolidation Loans
Debt consolidation loans are used to pay down your credit card accounts.
The multitude of payments you were having to make to different card issuers will be combined into one single monthly payment, your Lake City debt consolidation loan payment. Of all the options for debt consolidation in South Carolina, getting a debt consolidation loan will have the best effect on your credit score. Having said that, it can be high-risk. If the loan is secured by the value of your loan, keep in mind what will happen if you can longer make your payments. To find out whether a debt consolidation loan is a viable solution, it’s best to get in touch with one of our debt specialists.
Debt Management or Debt Consolidation Loan?
|Question||Debt Management||Consolidation Loan|
|One Payment Amount?||Yes||Yes|
|Good Credit Required?||No||Yes|
|Leads to Reduction in Debt?||No||No|
|Interest Rates Lessened?||Yes||Yes|
|Negative Impact on Credit Report?||No||No|
|Debt Collectors Quit Calling You?||Often||Yes|
|Will Need Collateral?||No||Yes|
|Could Lose Home?||No||Yes|
|The Length Of Time?||3-6 Years||10-15 Years|
To decide which alternative fits your needs, it is best to check with a qualified debt consolidation professional.
Debt Settlement vs Consolidation in Lake City, SC
Scores of folks believe that debt settlement and consolidation are the exact same thing. They aren’t. As opposed to debt consolidation, debt settlement is an intensive negotiation that results in a percentage of the debt basically being eliminated.
Have a look at the chart below to determine which method meets your requirements.
|Questions||Debt Consolidation||Debt Settlement|
|Single Payment Amount?||Yes||Yes|
|Results in Debt Reduction?||No||Yes|
|Decreased Interest Rates?||Yes||No|
|Damaging to Credit Ratings?||No||Yes|
|Collection Agencies Have to Quit Phoning You?||No||No|
|Will Need Collateral?||No||No|
|Works for Health Care Bills?||Yes||Yes|
|Appropriate for Communal Property Debts?||No||No|
|Appropriate for Payday Advances?||Yes||Yes|
|Works for Business Debts?||Yes||Yes|
|Can Companies Sue You?||Yes||Yes|
|Better Than Bankruptcy?||Yes||Yes|
|One Time Payments Required?||No||Yes|
|Signed Contract Mandatory?||Yes||Yes|
To decide which option meets your needs, we recommend you request a debt assessment.
Lake City, SC Debt Loads
In an ideal world, around 30% of your income should be allotted to paying back debts. These debts encompass pretty much anything you owe each month:
- Credit Cards
- Vehicle, College, and Payday Loans
- Mortgage Payments
If you make $2,155 each month, which is the average in Lake City, then, preferably, you would spend less than $797 monthly. Lamentably, many Lake City residents have considerable debt, defined by a debt to income ratio (DTI) of 50% or higher. That means they are shelling out more than $1,078 each month!
If your debt load is higher than 50%, you need to talk to a debt consolidation specialist in your area.
Finding a Debt Consolidation Company in Lake City, SC
The FTC sets forth strict regulations that regulate how debt consolidation and settlement businesses conduct business.
In accordance with the FTC, any Lake City SC debt consolidation organization must:
- Clarify how their pricing works.
- Say how many weeks their programs take.
- Explain how much you need to have saved before they’re going to speak to every lender.
- Clarify how your credit score could be afflicted.
Selecting a provider at random is unwise. It’s best to talk with friends or acquaintances who have worked with certain businesses, or let us find you a debt consolidation company in Lake City through our easy contact form.
Debt Consolidation Programs in Lake City (SC)
- SC debt consolidation company? Contact us!
Debt Collectors: Lake City, SC
One of the most terrible issues with debt is dealing with collection agencies. Luckily, once you join a debt consolidation program, your debt relief company will typically take the calls from debt collectors. Unfortunately, collectors are not compelled direct correspondence to your debt consolidation company.
- None Listed.