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4 Reasons to Try Debt Consolidation in Mckinney, Texas

Consolidating your debt means rolling multiple debts into a single payment. If you have high-interest debt from recklessly spending your credit card, or from suffering from financial hardship, debt consolidation can be the right option for you. It’s not the right approach for everyone, though. Find out if it’s a sound move for you. Debt Consolidation in McKinney Texas

Check Your Budget

Before you think about getting a loan for debt consolidation in Mckinney, Texas, consider your budget. The loan will work for you if your combined monthly debt payments—that includes your mortgage or rent—don’t go beyond 50 percent of your monthly gross income. If that isn’t the case, you might require options like debt settlement in Mckinney, Texas, instead because they allow you to pay only a portion of what you owe. Read the terms and conditions, though, before you agree to anything. Like any other financial tool, any option you choose comes with drawbacks. You’ll need to decide if those drawbacks matter to you.

Consider Your Credit Score

Consolidating your debt is a smart move if you have a high credit score. That’s because high credit scores get a lower interest rate, which can generate tremendous cost savings for you in the long run. But if you’re only going to get a higher interest rate, it might not be worth it to pursue the loan at all. You want it for the lower interest. If that won’t be part of the deal, take that deal off the table, and explore other options.

Do the Math

There are costs associated with a new loan. Make sure you have enough funds to cover those charges. The cost savings will outweigh those fees, so don’t worry.

Think About the Timeframe

If you get a consolidation loan, you must have the capacity to pay it off within five years. If that’s the case, this is an excellent financial tool that you can use to deal with overwhelming, multiple unsecured debts.

Consider Debt Relief or Credit Counseling

Debt relief using debt settlement can negotiate your balances and give you a much lower monthly program payment compared to making minimum payments. It can also help you to resolve your debt in as little as 24 to 48 months. Credit counseling is another option to reduce monthly credit card payments that has some advantages and disadvantages over debt settlement.  If you can obtain a low-interest debt consolidation loan, and afford the payments, it’s probably your best choice. If you do not qualify for a low-interest debt consolidation loan and you are falling behind on your payments or struggling to pay down the debt, investigate debt relief or credit counseling. Research the Better Business Bureau for a reputable company here in Texas.

How to Receive Debt Consolidation in McKinney, Texas

The fastest way to get help is to call to speak with a Texas Debt Specialist now. You may also fill out the form above and one of our Texas Debt Specialists will reach out to provide you with a free and no-obligation consultation for Debt Relief or Debt Consolidation in McKinney, Texas.

Affordable Debt Consolidation McKinney Texas
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Debt Consolidation McKinney, Texas, Credit Counseling McKinney, Texas, and Debt Relief McKinney, Texas Consultations are Free of Charge with no obligation. Affordable Debt Consolidation is not a lender but offers a platform to receive offers from participating lenders.  Credit counseling clients generally obtain an interest rate between 6% and 11%.  Debt negotiation clients who make their scheduled monthly program payments generally experience approximately a 45% reduction of their enrolled balance before fees over a 24-48 month period, not including any optional and separate services such as legal services provided by a law firm.  Our settlement fees are 15% of the enrolled balance compared to 25% charged by most competitors. Individual results vary based on the ability to fund the program, and the creditors enrolled. Statements made are examples of past performance and are not intended to guarantee that your balances will be reduced by a specific amount or that you will resolve debt within a specific time period. Settlement fees are not charged until a debt is reduced and payment has been made to the creditor. We do not assume consumer debt, make monthly payments, or provide tax or legal advice. We are not a credit repair firm. Please contact a tax professional to discuss any possible tax consequences of paying less than the total balance. Debt Relief programs are exclusively offered to Texas residents. Logos used are property of their respective owners. 

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