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What Is Debt Consolidation?
This kind of service is dedicated to the process of merging several debts into a single one. That is to say; the borrower takes out one large loan to pay off all of their smaller loans (payday loans, credit cards, medical, student, etc.) and merge them into one payment.
Debt consolidation helps to create a safe financial situation for you. This service exists along with debt settlement in Connecticut to provide a debtor with multiple choices for different perspectives. Our company is always ready to consult with you and then advise you as to the best solution, according to your details and individual needs.
Debt Consolidation in Connecticut
Sometimes, debt can become too heavy and overwhelming to resolve. The situation of owing large debts is always dismal for a debtor and can affect his job position, marriage, family, and even personal well-being. Fortunately, there are several decent options to avoid stress and make debt management in Connecticut work for you.
Some Options to Consolidate Debts
Debt consolidation in Connecticut follows the USA consolidation guidelines. So, there are two options to provide this service. On the one hand, it’s necessary to apply for a consolidation loan to replace your previous debts.
Then you will no longer worry about creditors. The only company you have to pay monthly, for now, is the debt consolidation company that resolves your loan.
On the other hand, it’s also possible to find a proper debt management program in Connecticut. In that case, a new account will be created to control different balances that you owe to creditors.
A CCA will negotiate with your creditors to settle on a new monthly payment. After that, the negotiated amount of money will be withdrawn from your account every month.
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Is This Service the Right Option for Me?
To understand whether it works in your case or not, it’s essential to think through some crucial details. You should consider your income and the ratio between your monthly budget and a credit card or payday loans.
Debt consolidation may be the best solution if you have high-interest rates or creditors call you frequently demanding that you pay off the debt you owe.
To make the service work, you should change your financial habits by creating extra room in your budget for regular monthly payments instead of having several debts you have to pay. You will also have to provide all of the necessary documents related to your debts.
Main Advantages of Debt Consolidation
The critical fact about this kind of service is the possibility for a debtor to pay down multiple accounts with only regular payments. During that time, debtors have a chance to watch some financial education short films and read articles.
The entire process takes from one to five years. Taking part in a debt management program in Connecticut does not directly affect your credit score, and that’s a weighty advantage.
After honest counseling with a professional and organizing the structure of repayment, you will feel more confident and aware of the situation. Obviously, the debt can’t disappear immediately, but your life will definitely become more open and relaxed.
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When Do I Need Debt Consolidation Loans?
Debt consolidation loans in Connecticut are usually compared to programs. The difference between them can be described by weighing their advantages and disadvantages.
Consolidation loans can obtain a lower interest rate for debts. They pay off old debts and establish a new timeline and monthly payments. However, the loans may not cover the amount of debt owed. They can appear with higher interest rates, take longer than other options, and may not supply access to financial education.
Debt management services likely obtain a lower interest rate and reduced fees on debt. They offer monthly payments which are pretty affordable and pay the debt off in five years or even less. Nevertheless, some of them may save money by paying debts smaller than $1,000 on their own. They also can’t consolidate secured debts.
Different Available Options
Because of the constant need for debt relief in Connecticut, there is a huge amount of available options nowadays. These include debt settlement services, balance transfer cards, refinancing, and bankruptcy.
Our company offers debt settlement services and credit card debt relief programs. Speaking about refinancing, it’s a very risky method because an unsecured debt is replaced with a secured one. As for bankruptcy in Connecticut, it gives a fresh start to a debtor. Anyway, by choosing this course of action, you get a significant mark on your credit history. It’s considered the most detrimental effect.
How to Find a Company to Trust?
DebtQuest USA was founded in 2009 in order to help Americans. The service has been proclaimed excellent based on more than 200 reviews. We create and offer debt consolidation programs in Connecticut, as well as in other states. We know what we’re doing. Join us, and let’s start a new life without debts together!
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How much debt do you owe?
$1
$100k+
What is your desired
monthly program deposit?
$1
$5000
Debt Quest Debt Settlement
$500
Your monthly
program deposit
$5,750 Savings
Your Savings
39 months to pay off your
current debt listed above.
Your monthly program deposit:
$500
Your Savings:
$5,750 Savings
39 months to pay off your
current debt listed above.
Debt Consolidation or Credit Counseling
$500
Your monthly
payment
You pay $14,478 more
No Savings
79 months* to pay off your
current debt listed above.
*Assumed average interest of 15%
Your monthly Payment:
$955
No Savings:
You pay $14,478 more .
36 months to pay off your
current debt listed above.
*Assumed average interest of 15%
Paying Minimum Monthly Payments
Your monthly Payment:
$500
No Savings:
You'll Pay $29,199 More than you owe currently.
32 years* to pay off your current debt listed above.
*Assumed average interest of 20%
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