If you have been finding it difficult to pay back your debts, consolidating your credit cards and unguaranteed debts into one simple payment amount might be the answer.
Normally, debt consolidation will involve paying off 100 of what you owe, which is often better for your credit scores over the long haul than settling with your creditors for a reduced sum (debt settlement). We can quickly put you in touch with a reputable Lufkin debt consolidation agency.
In most cases, Lufkin residents choose to consolidate their credit card and/or payday loan debts under a debt management program. Debt management plans, often affiliated with a credit counseling agency, will allow you to pay off everything you owe in 3-5 years through a single payment per month. The advantages are huge: more affordable interest levels, installment payments, and fees. Almost always your creditor begins presenting these benefits following 3 months of on-time payments. Also, DMP’s are one of the least expensive ways of consolidating credit and payday loan debt in Lufkin, TX.
Lufkin, TX Debt Consolidation Loans
You will find two primary kinds of debt consolidation loans: unsecured bank loans and home equity loans, of which the second is most prevalent.
The advantages of debt consolidation loans in Lufkin, TX, are comparable to those of a debt management plan:
- Way Fewer Calls from Debt Collectors
- Reduced Rates
- Consolidated Debt
- Diminished Credit Rating Concerns
For people with a low credit score, a debt consolidation loan may not be the way to go, as a good credit rating is necessary to secure this kind of loan at affordable rates of interest. Are you wondering if a debt consolidation loan is best for you?
Have you thought about debt consolidation in Lufkin for payday loans?
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Are you currently past due on more than one payday loan? That’s okay, we can help you find payday loan consolidation services in Lufkin, TX,.
Isn’t it time to get out of payday loan debt?
Lufkin Debt Budgeting
Ideally, your monthly debts should take up only 1/3 of your earnings. These debts incorporate ones that are secured and unsecured:
- Credit Card Balances
- Vehicle, Student, and Payday Loans
- Rent or Home Loan Payments
If you make $1,152 per month, the average for Lufkin residents, then, in a perfect world, you would spend less than $415 a month. Sadly, many Lufkin residents are carrying serious debt, indicated by a debt to income ratio of more than 50%. They’re forking out more than $576 every month!
Of the 57,243 residents of Lufkin, 4,798 can only afford their minimum monthly payments. Don’t be taken advantage of by exorbitant credit card rates.
Debt Consolidation Guidelines
According to the FTC, any Lufkin debt consolidation consultant must:
- Clarify all pricing and fees.
- Tell you how many weeks it will be before they get in touch with each creditor.
- Let you know how much you must have saved before they’re going to reach out to each of your creditors.
- Clarify the risks for your credit.
Please don’t enroll in a program that’s got a bad name. For more info, have a look at these FTC guidelines.
Consolidation Companies in Lufkin, TX
- Texas Debt Consolidation Company? Contact us to be listed.