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Are you a resident of New Hampshire who owes at least $10,000 to creditors? You might think inconceivable to rid yourself of this burden, but actually it’s not. Below we detail the tactics households like yours are employing to get out of debt. Choose the strategy that suits you best, then get hold of a debt professional for a free evaluation.

Debt Consolidation in New Hampshire

For anybody who is overwhelmed with debts and trying to keep all of your payments straight, consolidating debt may be the answer, replacing all of those debts with a single payment. Generally, this involves a loan that pays off any prior debts, while offering a lower interest rate and less hassle from collection agencies. This is predominantly for unsecured debt–debt not secured by an asset such as a car or home. For example:

  • Credit or Store Cards
  • Payday Loans
  • College Loans
  • Medical Bills

A qualified debt consolidation professional can tell you which solution is best for your needs.

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NH Credit Counseling Services

Credit counseling has many benefits over other methods of minimizing debt:

  • No need to put home in jeopardy.
  • Credit not destroyed.
  • Reasonable monthly payment.
  • Credit counselor is intermediary with lenders and debt collectors.

Because of this, credit counseling is perhaps the least perilous of all debt relief methods, and it’s typically extremely cost-effective at the same time. Generally folks in need of NH credit counseling have the following:

  • Debts of at Least $3,500
  • Ability to Allocate $250-$300 Toward Monthly Payments

Even though credit counseling calls for repaying your creditors entirely, it will look much better on your credit file than debt settlement. Originally, credit counseling was created for creditors to get money from consumers who were not current on their repayments. What this means is a lot of credit counseling programs are inexpensive. Debt management is virtually interchangeable with credit counseling. A DMP is a method of consolidating debt, because the money you owe on a monthly basis will be merged into a single sum, but no loans are required. This is a departure from a few other approaches to debt consolidation, which use secured loans to repay what you owe. Your credit counseling specialist will manage your creditors personally.

Debt Settlement in New Hampshire

In a debt settlement, an attorney or representative meets your creditors with the hope that they agree to accept a smaller amount. Financial institutions are aware that individuals who are past due on their payments are in danger of bankruptcy. If that happens, they will get nothing.

Considering debt settlement in NH? Hang on. There are a few things you should know. For instance, your creditors may refuse to negotiate. Also, settling your debts will be worse for your credit score down the road than other options. In the end, your credit balances will never be completely repaid. Since debt consolidation will involve trying to repay what you owe every month, debt collection calls should become less frequent. As any debt settlement expert will tell you, this is far from the truth when it comes to debt settlement.

Debt Settlement vs Consolidation

Whether you choose to settle or consolidate your credit card debt, you should have just one monthly payment. However, the similarities end there. Whereas debt settlement leads to a reduction of what’s owed, consolidation doesn’t. Other forms of debt relief – debt consolidation, management, and counseling – are much better for your FICO score in the long term. However, they are extended methods that require you to pay off all of your debt.

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Credit Card Debt in NH

New Hampshire has a strong income per capita–$33,134–which is nearly $5000 higher than the national average. However, the average credit card debt per borrower is also pretty high:  $5,327 (11th highest in the nation).