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If you’re thinking that you can’t get rid of debt, you’re thinking wrong. Below we go over the tactics families like yours are using to become debt free. Find the solution that best fits your needs, or simply speak to a debt professional for your free evaluation.

Debt Consolidation in Fairfield, OH

When you’re snowed under with debts and trying to keep all of your payments straight, debt consolidation may be the answer. It involves combining everything you owe on a monthly basis into a single payment. This may or may not involve a debt management plan set up between your creditors and you, or a large loan that simply pays off all of your credit card or other debts. Typically, a debt management plan is safer than a debt consolidation loan, seeing as no asset is in jeopardy. A licensed debt consolidation consultant can tell you which program is ideal for you.

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Credit Counseling in Fairfield, OH

Credit counseling professionals open a dialogue with lenders and creditors directly, helping to arrange a payment plan that’s actually affordable. You will not need to take out a new loan, your credit shouldn’t be negatively affected, and the calls from collections agencies should be minimal. On top of that, you should only have a single major payment to make each month, and it will be an amount you’ve budgeted for. For the most part, consumers in need of credit counseling have stable work, debts in the neighborhood of at least $3K, and will be able to cover 2.5% of their unpaid debts month after month. Though credit counseling doesn’t lower your absolute debt, it will look a lot better on your credit profile than debt settlement programs. Credit counseling firms get paid a percentage of what you pay down, often referred to as Fair Share. Because of this, the costs are usually very affordable, from $0-40 a month. If you are in severe debt, your credit counseling consultant will probably have you sign up for a debt management plan. A debt management plan is a type of debt consolidation, as your credit card, loan, and other debt payments is condensed into just one payment. However, there’s no loan necessary. This is different from a few other approaches to debt consolidation that use home equity loans to repay the credit card companies. Your credit counseling agency will take care of payment to your creditors every month. All you have to do is supply them with the predetermined payment on a monthly basis.

Debt Settlement in Fairfield, OH

Settling debt entails a negotiation with your creditors in which they forgive part of your debt.

Debt negotiation in Fairfield isn’t extremely complicated, yet it’s better left to an experienced professional. First of all, your Fairfield debt negotiator will call your credit card providers on your behalf. As soon as a sum is accepted by both parties, you will be required to pay the total if you have the funds on hand, or begin saving to repay what you now owe. Typically, it is best to repay the total amount more quickly. A debt settlement program gives you some significant advantages:

  • Only Pay 40-80% of Original Balance Due
  • Huge Savings in Interest
  • Brief 3-5 Year Schedule
  • Convenient Settlement Plan
  • Alternative to Bankruptcy

However, it has a dramatic impact on your credit ratings. For that reason, you ought to be 100% sure that it’s the proper solution for you and your family.

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Fairfield Debt Statistics

  • Average Income: $32,542
  • Average Total Debt: $40,027
  • Average Credit Card Debt: $5,532 (High)
  • Average Credit Card Debt: $3,417 (Medium)
  • Average Credit Card Debt: $2,441 (Low)

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Debt Relief Firms in Fairfield, OH

  • None listed.

Collection Agencies in Fairfield, OH

  • Recovery Solutions Corportion, 6625 Dixie Highway Suite W, 45014