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In Oregon, it’s now believed that the average consumer’s debt load is 25% more than their yearly income. Sound familiar? At Repaid.org, we can help you in finding the path that works with your budget and circumstances, then match you with a debt professional to direct you toward a debt-free future.

Debt Consolidation in Oregon

There are various types of debt consolidation, but all of them involve replacing various monthly payments with a single, straightforward payment. This may involve a loan, or else a debt management plan (DMP), a schedule of debt payment approved by your creditors, often with concessions such as rate markdowns. Debt consolidation is often used for credit cards, college loans, and cash advances. To see which method fits your needs, speak with a certified debt relief agent.

Credit Counseling in Oregon

Credit counselors speak to creditors and collectors for you, helping to arrange a repayment plan that’s actually affordable. A loan is not required, your credit shouldn’t be negatively affected, and the calls from collections agencies should be minimal. Best of all, you should just have a single major payment to concern yourself with, and it will be a sum you can afford. Credit repair is is supposed to quickly improve your credit ratings, while credit counseling focuses on debt management and financial education. Do you have more than $10,000 in medical or credit card debt or have a DTI of 50% or higher? Then your credit counselor may well say you need to enroll in a DMP, or debt management plan. If you sign up for a DMP, your Oregon credit counseling agency may able to secure decreased APR’s and fees and penalties from the creditors you owe. You will no longer need to talk with your creditors. Your credit counselor will take care of this.

Debt Settlement in Oregon

If you want to persuade your creditors to permit you to pay off a lesser amount than your balance, debt settlement is a popular solution. Debt settlement involves paying off a reduced amount than what you originally owed. Credit card companies realize that debtors who are past due on their payments are in danger of bankruptcy. If that happens, they will get next to nothing. Negotiating your debts in this fashion has a number of drawbacks. For instance, debt negotiation can negatively impact your FICO rating, because what you owe will never be paid in full. Because debt consolidation involves trying to pay back your debts on a monthly basis, debt collector calls ought to become less frequent. As any debt settlement professional will affirm, that’s not the case when you settle for a reduced amount.