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Unlike debt settlement, you do not actually reduce the principal amount you owe — you will still be paying the full amount. To reduce credit card debt consumers should examine all avenues before deciding on debt negotiation. Why Pacific Debt Inc? Federal consolidation loans are ideal for anyone looking to combine different federal student loan debts. Debt Consolidation is when a company or a person purchases existing debt so that you are able to make one single payment on everything.

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BBB's Business Review for Your Payday Loan Help, Business Reviews and Ratings for Your Payday Loan Help in Mobile, in-a.ga › Home › Business Directory › Credit - Debt Consolidation Services. BBB rating is based on 13 factors: Get the details about the factors considered. Factors that affect the rating for Payday Loan Debt Relief include: Failure to have a required competency in-a.ga › Home › Business Directory › Credit - Debt Consolidation Services. Payday Loan Consolidation BBB Accredited Understanding the Payday Loan Consolidation Process There is no question that if you have one, or several, payday loans, that you are unable to pay that you feel as though you are walking through life with a black cloud over your in-a.ga

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However, getting an unsecured loan is tougher, especially if your credit is tarnished. Personal loans, credit-card balance transfers, and loans offered solely for the purpose of debt consolidation are among your options here. You can also apply for a personal loan at most local banks and credit unions — while the lending process can move slowly, you can get more personal service this way.

Finally, if you can roll your debt onto a credit card with a very low introductory rate, this is a viable option, too. You may also be wondering about debt-consolidation companies that will make you a loan to pay off your existing debts.

Above all else, the best debt consolidation companies are transparent about their methods. For more about avoiding scams, keep reading. Of course, all of these strategies have their own pros and cons, and only you can decide whether they are better or worse for your unique situation. Unlike most consolidation loans, there are no fees to worry about with Tally , and the interest you pay on your line of credit should be lower than what your cards are charging you, helping you get out of debt faster.

Depending on your credit history, your APR which is the same as your interest rate will be between 7. This information is accurate as of August Counselors working on behalf of reputable nonprofit credit-counseling agencies can help you create a plan to better manage your money and budget for debt payments.

A debt settlement company negotiates with creditors on your behalf. How long it takes largely depends on how quickly you can save enough to begin negotiations, but most companies allow two to four years for the process.

Settlement has big risks, though, including big fees, damage to your credit score, and tax liability. Take a look at my separate post on debt settlement companies for more details. In debt management, a company negotiates with your creditors to lower your interest rates and monthly bills, but the principal remains the same. Finally, it can also be tricky to separate legitimately helpful programs from scams and shady fly-by-night companies.

Take a look at my separate post on debt management companies for more details. For most people, bankruptcy is the nuclear option. The negative implications of bankruptcy can certainly be severe , including a massive impact on your credit. Beware of bankruptcy lawyers who tell you bankruptcy is better than debt consolidation. They have a vested interest in clients using their services, and many also confuse debt consolidation with debt management or settlement, discussed above.

Both options allow borrowers to combine their existing loans into a single loan with a fixed interest rate. But aside from that, there are a few differences:. Federal consolidation loans are ideal for anyone looking to combine different federal student loan debts.

Unfortunately, federal consolidation only applies to federal student loans — private loans are excluded. Federal loans must be in a grace period or repayment to qualify for federal consolidation. Interest rates are fixed, and debt forgiveness is available under certain conditions. Private consolidation loans offer more variety than federal, but also come at higher risk. Again, choosing a secured loan means lower APRs, but at the risk of losing your collateral if you default. Private loans also offer both fixed and variable interest rates.

If rates are currently low, but projected to go higher, fixed-rate may work better. If rates are projected to go down, a variable rate can help you pay less interest in the future. In the process, the interest builds, leading to double or more of your original total. Paying it off is difficult if not impossible.

That is where legitimate, reliable, BBB accredited companies and organizations that provide comprehensive debt relief solutions can step in and deliver substantial help. In simple terms, it's any method that helps you to find some reduction in the amount of debt you have, in the amount you must pay monthly, or in the overall cost of repaying the outstanding amount, such as a reduction in interest rates.

If you are struggling to repay the full amount, there are several potential solutions that may come to your help, such as:. One of the common options for many consumers is to consolidate their debt. This process allows you to lump everything you owe into one monthly payment. There are two main ways to do this. Consolidation makes it easier for you to repay the debt because you have just one payment to make each month.

It does not, necessarily reduce the total Dollar amount. Some counselors are able to reduce the amount owed, but this is not always possible. In some instances, you may want to settle your outstanding financial obligations.

Lenders may be willing to work out a realistic mutually agreed compromise with you if they feel you may default or file bankruptcy in case they do not settle for less than what you actually owe. There are third-party companies that can assist you with this negotiation process. This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc.

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Lower your Payments Starting Now! Our referral program may be able to help YOU: Lower your monthly payments. Significantly reduce your interest rates today! Eliminate late fees and over limit fees. Avoid bankruptcy and legal escalation.