Home Debt Consolidation Debt Consolidation Comparison Chart

Debt Consolidation Comparison Chart

Best Debt Consolidation Comparison Chart

Best Debt Consolidation Comparison Chart
Get Out of Credit Card Debt in 2020

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Debt Consolidation: Many Different Options

Debt Resolution

 “Debt Resolution,” also known as “Debt Settlement” or “Debt Negotiation,” is an increasingly popular option.

Credit Associates, our top-rated debt resolution company, negotiates with creditors on your behalf to reduce the total amount you owe, have the creditor take a loss on the remaining debt balance, and agree to a new deal with creditors to make monthly payments over a 2 to 3 year period.

A debt resolution program will negatively affect your credit score but it will allow you avoid bankruptcy and your credit score will likely improve once you complete the program.

Your days of being taken advantage of will be over.

Pay Off Debt In Monthly Installments

If your debt is manageable, you can pay off your debts in monthly installments and manage the entire process on your own. You should keep in mind that if you can only afford to make the minimum monthly payment, you may be in for a long ride. A $2,000 credit card balance that carries an 18% annual rate can take just over 30 YEARS to pay off in you only make the 2% minimum monthly payment every month.

Be sure to put as much extra money as you possibly could towards the accounts with the highest interest rate as you pay off each credit card.

Home Equity Loan

If you are a homeowner, you may want to consider a home equity loan. Home equity loans and lines of credit are practical and convenient ways to access cash. By tapping the equity in your home, you can borrow cash at low interest rates.

There are  a few risks associated with home equity financing.

  • The interest rates may only be fixed for a few years and are subject to periodic rate increases.
  • If you don’t pay, you may lose your home to foreclosure.
  • The equity in your home fluctuates.
  • Making minimum payments could make things even worse down the line.

It is best to keep this in mind when you are weighing all of your options to consolidate debt.

Bankruptcy

Filing bankruptcy is generally the last resort. If you are unable to pay your debts and you don’t see any other way out, you should contact a bankruptcy professional to get legal advice. You should keep in mind that in a bankruptcy, you are at risk of losing all your assets and possessions. A bankruptcy will negatively impact your credit score for the long term and it is up to the court to decide if you qualify for a Chapter 7 (entire debt wiped out) or a Chapter 13 (a percentage of the debt will be wiped out).