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Are you a Michigander whose debt has been getting the best of you? Here at Repaid.org, we can help you in finding the debt-free path ideal for your profile and budget, then help you find the right debt specialist to direct you out of debt.

Debt Consolidation in Michigan

At Repaid.org, we match residents of Michigan with debt consolidation experts who assist them to:

  • Lower their monthly payments
  • Reduce their APR rates
  • Minimize creditor calls

There are a few different kinds of debt consolidation solutions: with and without a loan involved. In each case, you’ll need a consistent income source. Let us get you in touch with a good Michigan debt consolidation organization.

Saint Joseph MI Debt Consolidation

Credit Counseling in Michigan

Credit counseling has several benefits over other methods of getting out of debt:

  • Home not put at risk.
  • No trouble for your credit.
  • Single monthly payment you can afford.
  • No more calls from lenders and collections.

Because of this, credit counseling is perhaps the less dicey of all debt relief strategies, and it’s typically highly economical too. Most consumers in need of credit counseling have regular work, existing debts of over $5,000, and have thought about bankruptcy. Although credit counseling isn’t going to lower your debt, it will look a good bit better to prospective creditors than a debt settlement program. As for the cost of credit counseling, Michigan residents typically find that it’s the most affordable way to get out of debt. Debt management programs are virtually synonymous with credit counseling. A debt management program is a way of consolidating debt, because your payments to creditors will be combined into one monthly payment. However, no loans are necessary. Your credit counselor will carry out payment to your creditors each and every month. All you’ll have to do is hand them a single monthly payment.

Debt Settlement in Michigan

It is best for your credit to pay back everything you owe, but as a final measure you can settle the debt for a lesser amount.

Credit card companies understand that consumers who are behind on their payments are at risk for bankruptcy. If that happens, they won’t get anything. To start with, your settlement company will negotiate with your credit card providers to reduce your debt. This often takes no more than a week. If at all possible, you pay the agreed dollar amount as rapidly as is possible. However, almost all debt settlement plans permit you to pay back this amount over 1 to 4 years. Of course, you’ll have previously talked about this with your debt specialist. Still, it’s wise if you can repay the total amount as fast as possible. No debt relief firms in Saint Joseph are permitted to charge a fee upfront. Any reputable debt settlement service in Michigan will only charge a fee when an account is settled. Various other debt management solutions usually call for flat monthly payments.

The majority of settlement firms will charge you approximately 14-18% of the balance due – that’s a big chunk of change! This service charge is usually spread out over 12-24 months.

Consolidating versus Settling Debt

Trying to decide between consolidating and settling your debt? While debt settlement results in a reduction in what you owe, consolidation and management do not. Other methods of relieving debt – for instance debt consolidation, management, counseling – cause all that much trouble for your FICO rating in the long term. However, these are long term alternatives that require repaying all of your debt.