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Debt Consolidation in New Jersey: A Professional Guide

In times of economic instability, it’s easy to fall into debt. Low salaries, significant expenses make us borrow more. It’s not a problem if you can manage your spending and pay back the debt.

However, it may become a headache if you are not fully educated in finance. According to the statistics, citizens of New Jersey have a much higher, on average, of credit card debt than the national average. So, we are here to teach you how to maintain your credit and help to solve your problems with the loans you need.

 

Debt Consolidation: Basics

Let’s consider one of the debt-relief options – debt consolidation. Debt consolidation is a financial program that merges all of your loans into one big debt. This form of debt relief works well if you have high-interest loans, for instance, credit cards. First, the new debt will have a lower interest rate, so it will free up some money for you to save. Secondly, it will help to organize your payments. Imagine you have plenty of loans.

Every month you have to deal with so many bills, that it creates a mess. It’s much easier to pay only one debt and control your spending. Debt consolidation has two other names, such as bill consolidation and credit consolidation. That means this option works well both to free you from debt fast and improve your credit score. Also, debt consolidation has two types: a loan and a debt management program in New Jersey.

 

How It Works

At first glance, it looks simple. You only need to gather all of your loans into one big one and pay it monthly. Nevertheless, it takes several steps.

First, you need to add up all of your credits and interest rates you pay. It will help you to understand how much you spend monthly. Secondly, don’t forget about the necessary expenses such as food, transportation, and housing. Now, you know how much money is left to pay your loans. If you see that it’s not enough to not fall in debt, you can apply for the debt consolidation option.

For that, you need to choose one of the debt consolidation companies in New Jersey. We are ready to help you to calculate your spending and find the best way to consolidate your loans. As we said above, there are two options: a debt consolidation loan and debt consolidation program. Let’s figure out differences.

Debt Consolidation Loans New Jersey

Debt consolidation loan refers to a new credit that will cover all your small unsecured loans. This type doesn’t cancel all your previous debt; it just helps to manage your spending. The most common option is to get a credit card loan. The crucial thing is that new debt should have a lower interest rate.

Otherwise, the only benefit you will get is a more convenient way to deal with all your credits. The new loan can be taken through a bank or an agency. However, remember that any bank will consider your credit score. If it’s not shiny, you better apply to an agency. We will calculate your expenses and help you choose the best option for you.

Debt Management in New Jersey

If you are overwhelmed with debt, you can choose a debt consolidation program. A debt management company will negotiate with your lenders to reduce the interest rate you pay. You only need to send a monthly payment to your agency that will distribute it to your lenders.

Debt Relief Programs New Jersey

Although debt consolidation seems to suit every situation, there are exceptions. If you feel both types don’t suit you well, you may want to consider other debt relief programs in New Jersey.

  • A debt settlement in New Jersey helps to reduce the balance you owe. An agency will negotiate with your lenders to either lower the amount of your monthly payment or lower the interest rate and cancel late payment fees.
  • Bankruptcy in New Jersey. It’s a form of credit forgiveness as your lenders stop requiring you to pay. It sounds good. However, you should file for this type only when there is no other option. It’s a legal way to eliminate all of your loans. Nevertheless, it’s the most harmful type that will cost your credit score.

 

Debt Consolidation: Laws

Almost all customers ask whether debt consolidation is legitimate. Yes, debt consolidation is a legal option to manage your debt. Nonetheless, it’s essential to find trustworthy debt management services in New Jersey. If you consider debt consolidation, it’s better to avoid a hard-money loan. An unreliable lender may offer you a loan with an interest rate of up to 20%.

It will hurt your debt situation even more. Another bad option for you is to apply for a low-interest balance transfer card. The trick is that the card has a low-interest rate during a shorter period. Later, the rate will increase, which will force you to switch to another card. All of your cards will reflect in your credit report, and that will lower the credit score.

 

 

Conclusion

To conclude, New Jersey debt consolidation programs are a good option to lower the interest rate and learn how to manage your spending. Nevertheless, some limits may cause you to apply for another type of debt relief. To be sure, debt consolidation is for you, calculate your loans and benefits with our calculator. Feel free to contact Debt Quest USA if you are considering filing for any of the debt consolidation programs.

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How Much Can You Save?

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

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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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