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North Dakota debt relief

Credit card debt can build rapidly because of the expensive interest rates. Don’t believe it? Consider that the average ND consumer owes more  than $4000 on their credit cards–and North Dakota ranks as one of the lowest debt states in the nation!

Have you been feeling the stress? We can help you decide whether a strategy like consolidation or counseling meets your needs, then provide you with a debt specialist to lead you through the process.

North Dakota Debt Consolidation

The bottom line is, debt consolidation means combining multiple debts into a single payment each month. In many instances, this results in a lower monthly payment and stops collections calls. In most cases, a debt management plan is a better alternative than a debt consolidation loan, as your own home isn’t needed to secure anything. Why not let us connect you with a good debt consolidation company in your part of the state.

Credit Counseling in North Dakota

Credit counseling entails the development of a detailed payment strategy with the assistance of a licensed specialist. You repay your debts in full, but more speedily, conveniently, and inexpensively. The process is cheaper than debt settlement, and you won’t be placing your home at risk with a secured loan. Credit counseling programs help people create a successful budget for repaying debt and restoring credit ratings. Debt management programs are often associated with with credit counseling. A DMP is a means of consolidating debt, given that your payments to creditors is consolidated into one monthly amount. However, no loan is involved. Each and every month, all you have to is submit a set payment to your North Dakota credit counseling agency, and they will then circulate the appropriate portions to each of your creditors.

Settling Debt in North Dakota

In a debt settlement, you simply stop paying the credit card companies. As an alternative, you deposit money into a bank account until you’ve got a sufficient amount to pay the amount arranged by your debt settlement firm. Meanwhile, your credit rating gets worse and worse. However, filing for bankruptcy would kill your credit scores as well. Wondering why creditors would accept a decreased amount? Simple: it may help a person avoid going bankrupt, so that they obtain at least a portion of the money owed. Ideal candidates for debt settlement are carrying at least $10,000 in debt, are thinking about filing bankruptcy, and can no longer afford the minimums on their credit card bills every month.

North Dakota: Credit Card Debt

In North Dakota, the average income is $28,700 a year, and the average borrower owes $4011 on their credit cards (Washington Post). Although this is the second-lowest average debt in the nation, it is still highly significant.

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