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If you are struggling with bills and debt, you aren’t the only one. Believe it or not, residents of Montana have an average of more than $4500 in credit card debt. Have you investigated approaches such as consolidation and settlement? It might be time you do.

Consolidating Debt in Montana

Are you one of the many Montanans who can’t afford their minimum credit card payments each month? Debt consolidation is a legitimate, reasonably priced solution if you’ve got more than $10,000 in debt. Some solutions involve debt consolidation loans, while others do not. Either way, you should only be responsible for one payment each month. To find out which type meets your needs, talk to a qualified Montana debt consolidation specialist.

>> How Much Could Debt Consolidation Save You? Get a Quote!

Credit Counseling and Debt Management in Montana

Credit counseling has quite a few benefits:

  • No loan necessary.
  • Credit not damaged.
  • Single monthly payment you really can afford.
  • Shielded from creditors and debt collectors.

Because of this, credit counseling isn’t as risky as some debt relief approaches, and it is typically very economical too. Your Montana credit counseling agent may be able to help you:

  • Consolidate Your Payment Amount
  • Lock Down Your Interest Levels
  • Eliminate Debt Collector Harassment
  • Implement Stronger Money Management Skills

An essential aspect of credit counseling is managing debt. A debt management plan is a method of consolidating debt, in that the money you owe on a monthly basis is combined into one monthly amount, but there is no loan necessary. This is a departure from various other types of debt consolidation that use secured loans to pay back the credit card companies. With a debt management plan in Montana, your credit counselor will manage payment to the credit card companies each and every month. All you have to do is give them the predetermined payment on a monthly basis.

Settling Debt in Montana

In a debt negotiation, you completely quit making payments to your creditors. In lieu, you save funds in a specialized checking account until you’ve got a sufficient amount to pay the settlement negotiated by your debt settlement company. Lamentably, your credit score will get worse and worse. Of course, bankruptcy would crush your credit score as well. Debt settlement isn’t rocket science, yet it’s best left to a trained specialist.

Excited about settling your debt? There are some things you need to know. To start with, your creditors may refuse to negotiate. Furthermore, settling your debt will be a whole lot worse for your credit score than paying off your debt with a secured loan, since your credit balances won’t be fully repaid. In addition, your collection calls might not decrease significantly, as they will with some other debt relief options. You might have to wait half a year for anything to happen, and during that time your debt will mount.

Montana Debt Report

  • Average Income: $25,002
  • Average Credit Card Debt: $4,565
  • CC Debt to Income Ratio: 18.3%