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Given that one in every ten Hoosiers is carrying a balance of $10,000 or more on their credit cards, it’s not hard to see why many are looking for help. In some cases credit counseling or consolidation is a feasible alternative. More information below.

Debt Consolidation in Indiana

In most cases, debt consolidation involves consolidating your main debts under just one loan or repayment schedule. There are several advantages:

  • Fewer payments to keep track of each month.
  • Smaller monthly payment amount.
  • Possible decrease in interest via lender concession.
  • Fewer calls from collections.

Debt consolidation is often used for revolving credit lines, school loans, and payday loans. Why not let us find you a trusted debt relief agency in your part of the state.

Vincennes IN Debt Consolidation

Credit Counseling inIndiana

Credit counseling generally involves enrollment in a debt management plan, which is a formal agreement with your creditors that your credit counselor sets up. The advantages are significant:

  • Home isn’t at risk.
  • Credit kept in one piece.
  • Reasonable monthly payment.
  • Protected against credit card companies and debt collection agencies.

Given these advantages, credit counseling is perhaps the less dicey of all debt relief strategies, and it’s typically extremely cost-effective too. Most people in need of credit counseling have steady work, debts in the neighborhood of at least $3,000, and the desire to pay down their debts. In the long run, credit counseling is much better for your credit score than debt settlement, as you completely pay down everything you owe. Nowadays, a great number of credit counseling companies are bankrolled at least in part by contributions from your creditors. What this means is a lot of credit card counseling solutions are very reasonably priced. Say you’re paying out $1,290 per month and you only earn $2,580. In that case, your credit counselor could very well have you participate in a debt management plan (DMP). A debt management plan is a method of debt consolidation, because the money you owe every month is condensed into one monthly sum. However, no loan is necessary. Essentially, your credit counselor will handle your creditors directly.

Debt Settlement in Indiana

Reducing your debt is best entrusted to a veteran debt settlement service. With debt settlement, you pay back a reduced amount. Debt settlement might not be super complicated, but it is best left to a specialist. Although debt settlement can bring about dramatic debt forgiveness, on account of the adverse influence it has on your credit rating, it is generally an alternative to going bankrupt.

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