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Few things on earth are as overwhelming as debt. There are plenty of reasons to solicit the help of a debt specialist or credit counselor, but you’ll want to do your research as far as the best path to take.

Debt Consolidation in Springfield, OH

Let’s say you could have just one payment and it was cheaper than you’ve been having to pay. There are several advantages:

  • Ease of single monthly payment.
  • Reduced monthly payment amount.
  • Possible reduction in interest by lender.
  • No more calls from creditors and collection agencies.

More often than not, a debt management plan is better than a debt consolidation loan, seeing as no asset is placed in danger. To determine which method fits your needs, talk with a licensed debt relief agent.

Springfield OH Debt Consolidation

Credit Counseling in Springfield, OH

Credit counselors act as the intermediary between you and those you owe. They help you repay your debts in full, but without being harassed by collection agencies. This is significantly better for your credit than debt settlement, and it doesn’t involve a massive loan. Whereas having your credit repaired results in higher credit scores relatively promptly, credit counseling focuses on managing debt, as well as financial coaching. Debt management is often associated with with credit counseling. Why consider a DMP? For a start, you might be able to enjoy:

  • Decreased Credit Card APR
  • Decreased Debt Collection Calls
  • Consolidated Payment Per Month
  • Speedier Debt Relief

Your credit counseling company will manage payment to your creditors each and every month. Pretty much all you need to do is supply them with the prearranged payment on a monthly basis.

Debt Settlement in Springfield, OH

Are you hoping to explore a way to get rid of debt without going bankrupt? Enlisting the services of a good debt settlement agency may be the perfect solution. Debt settlement involves paying back a reduced amount than what you originally owed. Lenders understand that borrowers who are behind on their payments are at risk for bankruptcy. And then they will get nothing at all. Debt settlement is the only debt solution that reduces your overall debt, as opposed to just your interest rate. But it means placing funds into a checking account every month instead of paying back your credit card balances. Then you send them the arranged amount. Not surprisingly, this will be detrimental to your credit scores.

How much will a debt settlement company in Springfield save you? Get a free estimate!

Springfield OH Debt Settlement

Debt Consolidation vs Settlement

Credit card settlement and consolidation each have their good and bad points. All of these are strategies for debt relief. Settlement differentiates itself by leading to a total cut in the amount owed. You pay your creditors monthly as part of credit counseling. This means your credit score is not harmed as dramatically as it will be after a debt settlement. However, debt management almost always takes longer and ultimately you’ll repay your debt in full.

Springfield OH Debt Relief

Debt Relief Firms in Springfield, OH

  • Consumer Credit Counseling Service, 204 N Fountain Ave, 45504
  • Resource Potential Group, P.O. Box 1873, 45501

Debt Collection Agencies in Springfield, OH

  • None listed.