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If you’re a resident of Brunswick and have over $10,000 in unsecured debt, you need to start cutting your debt before time runs out. There are several reasons to solicit the help of a debt specialist or credit counselor, but it’s important to research your options as far as the best approach to take.

Debt Consolidation in Brunswick, OH

Suppose you had just one payment and it was lower than all of your current debts paid individually. There are a range of advantages:

  • Fewer payments owed each month.
  • Reduced monthly payment amount.
  • Possible reduction in interest rate by creditor.
  • Fewer calls from your creditors.

This is generally for unsecured debt–debt not backed by collateral like a vehicle or house. Types of such debts include:

  • Credit or Retail Cards
  • Cash Advances
  • College Loans
  • Medical Bills

To find out which method meets your needs, speak with a certified debt relief professional.

Debt Consolidation in Brunswick OH

Credit Counseling in Brunswick, OH

Credit counseling, also known as debt management, entails the development of an in depth repayment plan with the help of a licensed credit counselor. You pay off all of the debt you owe, but without all the hassle from collections agencies. This is far better for your credit than debt settlement, and it doesn’t necessitate putting your home at risk with a big new loan. While credit repair leads to elevated credit scores pretty swiftly, credit counseling focuses on relief from debt, as well as consumer coaching. Do you have more than $10K of credit card debt or have a DTI of 50% or higher? Then you might need to take part in a DMP, or debt management program. A debt management program is a form of debt consolidation, in that the money you owe each month is combined into just one amount, but no loans are necessary. This differs from a few other types of debt consolidation, which use home equity loans to pay off your credit card balances. You will no longer have to talk with your creditors; your credit counselor will handle things from this angle.

Debt Settlement in Brunswick, OH

To get the lowest reduction in debt possible, your debt settlement firm will probably have you stop paying back your creditors. Your funds will be deposited into a savings account. Once you have enough saved to pay the negotiated amount, the money you owe will be paid off. While waiting, your credit rating worsens because you are no longer making your payments. Furthermore, the collection agency calls might not get any better. According to fairly new FTC regulations, this savings, or “special purpose” account must:

  • Be FDIC-insured.
  • Give you full withdrawals.
  • Not charge you for pulling out funds.

Why would financial institutions agree to a reduced amount? It’s simple: they prefer that people avoid filing for bankruptcy, to ensure that they get at least a portion of the debt back. Ideal candidates for credit card settlement owe no less than $10K in debt, are considering bankruptcy, and cannot afford the minimum payments on their credit card bills every month. There are 38,504 people in Brunswick, and it’s estimated that 3,814 have credit card debts of more than $10,000.

Are You in Need of Debt Relief?

The average income in Brunswick, OH is $4,745 monthly. Preferably, a consumer who makes this much should have debts of no greater than $1,708 monthly, which is a little more than 1/3 of their income.

If you earn $4,745 each month and are paying over $2,040 (43%), you’re on the edge of genuine financial problems. Unfortunately, a great many Brunswick consumers we see have debt to income ratios of more than 50% ($2,373).

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Debt Relief Companies in Brunswick, OH

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Debt Collectors in Brunswick, OH

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