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Have you been trying to get your debt paid down? It could be that credit counseling or consolidation is what you need. Compare the different strategies, then speak with a credit counselor for a free evaluation.

Debt Consolidation in Zanesville, OH

Simply put, debt consolidation means combining multiple debts into a single monthly payment. There are a number of advantages:

  • Single payment instead of multiple ones.
  • Lower payment each month.
  • Possible cut in interest.
  • Protection against calls from creditors and collectors.

Common debts consolidated include revolving credit lines, college loans, and cash advances. Why don’t we get you started with a respected debt consolidation company.

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Credit Counseling in Zanesville, OH

With credit counseling, you pay back your debts in their entirety, but more swiftly, effectively, and affordably. The process is cheaper than debt settlement, and it doesn’t necessitate putting your home at stake with a secured loan. Most suitable individuals have consistent work, credit card debts of more than $3,000, and can repay 2.5 percent of the funds they owe month after month. Down the road, credit counseling is way better for your credit ratings than debt negotiation because you don’t quit paying your credit card companies. Nowadays, a large number of credit counseling organizations in Zanesville are not-for-profit institutions who are funded at least partially through “kickbacks” from the credit card issuers. This means that a lot of credit card counseling programs are quite affordable. An important component of credit counseling is debt management. A DMP is a method of consolidating debt, in that the money you owe each month is condensed into a single sum, but there’s no loan involved. Your credit counseling firm will manage your creditors directly.

Debt Settlement in Zanesville, OH

During debt negotiation, you just stop paying your creditors. Rather, you deposit money into a specialized bank account until you’ve got a sufficient amount to pay the amount arranged by your debt settlement agency. Unfortunately, your FICO rating gets even worse. Needless to say, declaring bankruptcy would crush your credit ratings as well. In keeping with somewhat new FTC policies, this savings account has to be in your control, irrespective of the outcome of your credit card settlement. It also should be FDIC-insured. Debt negotiation in Zanesville is not super complicated, but it is better left to a trained specialist. 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 financial institutions on your behalf, which often takes no more than a week. Ideally, you pay the contracted amount as speedily as is possible. However, many negotiation companies allow you to settle this over 1-4 years. Needless to say, you’ll have already reviewed this with your debt negotiator. Generally, it is preferable to pay back the amount rather quickly.

Enthusiastic about settling your debt? Hold on. There are some things you should know. For instance, your credit card issuers can refuse to negotiate. Furthermore, debt settlement can lead to a bad credit score. In the end, your credit card debt will not be completely paid back. Because debt consolidation will involve repaying your creditors each month, collector calls ought to be reduced. As any Zanesville debt settlement professional will affirm, that’s far from the truth during a credit card debt negotiation. It may take up to half a year for anything to happen. During that time, your debt will continue to pile up.

Comparison of Debt Relief Strategies

Question Counseling Consolidation Settlement
Single Payment Per Month? Yes Yes Yes
Leads to Debt Reduction? No No Yes
Reduced APR’s? Yes Yes No
Harmful to Credit Report? No No Yes
Appropriate for Private College Loans? Yes Yes No
Appropriate for Payday Advances? Yes Yes Yes
Suitable for Business-Related Debts? Yes Yes Yes
Suitable for Small Debts? Yes Yes Yes
Preferable to Bankruptcy? Yes Yes Yes
One Time Payment Mandatory? No No Yes
Possible Tax Benefits? No Yes No
Must Sign an Agreement? Yes No Yes

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Debt Relief Agencies in Zanesville, OH

  • Universal Credit Consulting Services, 531 Market St, 43701
  • CCCS of Central Ohio – A Division of Apprisen Financial Advocates, , 43821
  • Consumer Credit Counseling Services, , 43821

Debt Collection Agencies in Zanesville, OH

  • None listed.