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Alaska debt relief

Unfortunately, Alaskan residents have the highest credit card debt in the nation, with the average consumer owing over $7000 on their cards–more than a grand more than the next highest state (Alaska Dispatch News). Below we detail the approaches families like yours are using to repay their debts. Choose the strategy that suits you best, then get hold of a debt specialist for more details.

Consolidating Debt in Alaska

Let’s say you could have just one single monthly payment that included all of your various debts. Quite often, this involves being approved for a loan that pays off your other debts while offering a lower payment amount and more favorable terms. However, there are potential risks involved, as home equity loans or HELOCs use your home as security. This is predominantly for unsecured debt, meaning debts not secured by collateral of some kind, such as credit cards, college loans, and cash loans. Why not let us put you in touch with a debt relief firm in your part of the state.

>> Find Debt Consolidation Solutions Today!

Alaska Credit Counseling Agencies

With credit counseling, you repay your debts completely, but without being pestered by collections agencies. The process is less expensive than debt settlement, and you won’t be placing your home in jeopardy with a secured loan. In point of fact, credit counseling is obligatory for individuals filing bankruptcy, and many credit counseling firms are non-profits. When you work with a credit counseling agency, you might be able to:

  • Consolidate Your Monthly Repayment
  • Freeze Your Interest
  • Avoid Collection Agency Calls
  • Pay Off Your Debt More Quickly

Debt management plans are often linked with with credit counseling. By participating in a debt management plan, you might enjoy:

  • Less Expensive APR Rates
  • Decreased Debt Collection Agency Phone Calls
  • One Payment Amount
  • Quicker Freedom From Debt

Your credit counseling firm will control payment to your creditors each month. Pretty much all you need to do is hand them the prearranged payment per month.

Alaska Debt Settlement

So that they can leverage the largest debt reduction they can, your debt settlement agency will probably recommend that you stop making payments to your creditors. Your funds will go into a checking account. When you’ve got enough saved to pay the arranged settlement, as well as the fee owed to your debt settlement firm, your debt will be paid back. While waiting, your credit score worsens because you are not making your payments. Additionally, the collections calls and letters might not come to an end. Why would financial institutions consent to a decreased amount? They genuinely want people to avert filing for bankruptcy. In this way, the creditor receives at least a percentage of the money owed. First of all, your Alaska debt settlement company will begin reaching out to your lenders. If a settlement is agreed upon, you will be required to pay the amount if you’ve got the funds on hand, or begin saving to pay back what you now owe. But when possible, it is best to repay the sum sooner. Your firm should not charge you until the following requirements are met:

  1. The first balance has been reduced.
  2. You’ve been given a written agreement.

Most Alaska debt settlement candidates have no less than $10K of debt, are considering bankruptcy, and can no longer afford the minimums on their credit cards each and every month. If you meet these criteria, don’t fret. It’s estimated that 845 of Alaska’s 8,534 residents are trying to repay this much debt.

Alaska Debt Profile

  • Average Individual Income: $32,537
  • Average Credit Card Debt: $7045
  • Credit Card Debt Ratio:  21.6%