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Few things are as burdensome as debt. In some cases, enlisting the expertise of a debt professional is recommended. Find out what you need to know about debt management, consolidation, and settlement. Any time you’re ready, we can help you find a debt specialist to lead you from debt to independence.

Debt Consolidation in Lakewood, OH

Imagine if you had just one single payment per month and it was lower than all of your current debts paid one at a time. There are several advantages:

  • Ease of just one payment each month.
  • More affordable payment each month.
  • Possible decrease in interest rate.
  • No more calls from lenders and collectors.

Typically, a debt management plan is the path to take, instead of a loan, seeing as your home isn’t made vulnerable. A debt consolidation professional can offer you more information regarding which alternative is best for your needs.

Credit Counseling in Lakewood, OH

Credit counselors are mediators between you and the companies you owe. They help you pay off in full what you owe, but more rapidly, easily, and inexpensively than you would otherwise. The process is less costly than debt settlement, and it doesn’t call for taking out a big loan. Actually, credit counseling is required for folks filing bankruptcy, and many of these agencies are run as non-profits. Credit counseling firms can help people in debt develop a comprehensive plan for trimming debt and raising credit scores. Debt management plans are virtually interchangeable with credit counseling. As part of a debt management program, your local credit counselor may able to obtain decreased annual percentage rates and better terms from the firms you’re paying back. On a monthly basis, all you have to is send a set amount to your credit counseling firm, and they will then submit the right percentages to each of your creditors.

Debt Settlement in Lakewood, OH

In order to negotiate the lowest debt reduction possible, your debt settlement firm will probably have you quit repaying your credit card companies. Your money will be put into a savings account. After you’ve got sufficient funds to pay the negotiated amount, your debt will be repaid. Lamentably, your credit score gets worse because you aren’t making your payments. Needless to say, filing for bankruptcy would kill your credit score as well. Why do financial institutions agree to a lesser amount? Because it may help a consumer steer clear of bankruptcy. This way, the creditor receives at least a portion of the debt back. To start with, a debt professional will review your debt profile and help you develop a strategy. Next, they will begin reaching out to your credit card companies to reduce your debt. With any luck, you pay the agreed total as rapidly as is possible. However, nearly all debt negotiation providers let you settle this over a period of 1 to 4 years. To be a candidate for a credit card settlement plan in Lakewood you ordinarily need:

  • $10,000 in Credit Debt
  • $300 a Month For Payments

If you fall into this category, you’re not alone. It’s estimated that 5,618 Lakewood residents are living with at least $10,000 of credit card debt.

Are You a Candidate for Debt Relief?

How much is your debt in total? If you’re forking out over half of what you make each month on rent/mortgage, loans, and credit cards, make sure to find a credit counseling professional in Lakewood now.

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Debt Relief Agencies in Lakewood, OH

  • A American Debt Consolidation, 1495 Warren Rd, 44107

Collection Agencies in Lakewood, OH

  • None listed.