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For many consumers, credit cards are a fast track to debt. Fortunately, we may be able to help.
Do you want to pay off what you owe in less time, with cheaper rates and fees and penalties? If so, you may want to sign up for a debt management plan.
These programs let you repay all the money you owe through just one payment amount, along with decreased interest levels, monthly payments, and penalties. Most of the time your credit card issuers begin supplying these benefits at the behest of your debt consolidation company.
Moreover, DMP’s are one of the least expensive methods of consolidating debt in Simpsonville, SC, only $25-40 monthly.
Simpsonville, SC Debt Consolidation Loans
If you get a debt consolidation loan in Simpsonville, SC, you’ll use the money to pay back your active debts. You will still have to pay off the amount you borrowed, of course, but the APR will probably be more attractive. The advantages of debt consolidation loans in Simpsonville, SC, are very much like those of a debt management program:
- Far Fewer Collections Calls
- Less Expensive Interest Rate
- Consolidated Monthly Bills
- Less Sustained Credit Score Problems
Of all your solutions to debt consolidation in South Carolina, getting a debt consolidation loan has the best effect on your credit rating. Alternatively, it can be costly. If the loan is backed by the value of your loan, don’t forget what will happen if you fail to pay.
Wondering if a debt consolidation loan is right for you?
|Questions||Debt Management||Consolidation Loan|
|Single Payment Amount?||Yes||Yes|
|Good Credit Required?||No||Yes|
|Actual Debt Reduced?||No||No|
|Harmful to Credit?||No||No|
|Debt Collectors Stop Calling You?||Somewhat||Yes|
|Valuable Asset Needed?||No||Yes|
|How Long?||3-6 Years||10-15 Years|
To find out which option would be right for you, we recommend you request a debt review.
Debt Settlement vs Debt Consolidation in Simpsonville, SC
A good number of consumers believe that debt settlement and consolidation are the same thing, but that’s not the case. Contrary to debt consolidation, debt settlement results in an actual reduction in your debt. In reality, debt settlement is bad for your credit score. As if that wasn’t enough, you have to pay taxes on forgiven debts. That’s why debt settlement is generally thought to be an alternative to declaring bankruptcy.
To find out which approach would be right for you, it’s worthwhile to request a review of of your present debt – for free!
When to Consolidate Your Debt
Any Simpsonville debt consolidation expert you consult will want to know how much debt you owe that’s no secured, meaning it’s not backed by a property of some type. The most typical sources of debt every month are:
- Credit Cards
- Pay Day Loans
- Store Cards
- Rent/Mortgage Payments
- Doctors’ Expenses
- Other Credit Balances
If at all possible, not more than 30% of your income ought to be dedicated to paying off what you owe. Such debts encompass credit card bills, car/payday loans, and rent or mortgage repayments. For example, if you earn $4,912 every month, about average average for someone who lives in Simpsonville, then, in a perfect world, you would spend less than $1,768 per month. Lamentably, many Simpsonville residents are in considerable debt, classified as debt-to-income ratios of 50% or higher. That means they are forking out more than $2,456 per month!
There are 50,046 people who live in Simpsonville, and 4,195 can hardly afford their minimums each month. Wouldn’t you like to be debt-free?
Debt Consolidation Ripoffs: Simpsonville (SC)
Avoid any Simpsonville debt consolidation companies if they charge you up-front, don’t disclose key details, don’t disclose savings needed for consolidation, or ask you to open a savings account from which you can’t withdraw money without penalty.
Don’t forget to check into your Simpsonville credit card debt consolidation agency before registering. For more info, read the FTC reports in our resources section.
- SC debt consolidation company? Contact us!
Debt Collectors in Simpsonville (SC)
Are you getting telephone calls from collection agencies on an everyday basis? Fortunately, after signing up for a debt consolidation program, your company will often take the calls from debt collectors. However, collection agencies aren’t compelled direct calls to your debt consolidation company.
- None Listed.